Unemployment Claims Hit 6.6 Million Last Week Due to Wuhan Coronavirus Pandemic
The Labor Department reported that 6.6 million Americans filed for unemployment between March 28 and April 4.
From FOX Business:
Claims between the period of March 28 and April 4 neared the previous week’s record of 6.8 million, according to the weekly jobless claims report from the Labor Department published on Thursday. The previous week’s total was revised higher by 219,000.Economists surveyed by Refinitiv expected the number of initial claims for state unemployment benefits to hit 5.25 million.That brings the number of applications for the last three weeks to more than 16 million, a stunning sign of the colossal economic damage inflicted by the outbreak.The four-week moving average was 3.5 million, up 1.43 million from a week ago.The report, which provides the most up-to-date evidence on the labor market and the health of the economy, likely reinforces economists’ views that the U.S. has already entered a recession, bringing to an end a historically long, 11-year economic expansion.
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