Jobless Claims Reach New Record High As 6.6 Million File for Assistance

April 2, 2020 by Dan McCue
Jobless Claims Reach New Record High As 6.6 Million File for Assistance
Virus-Outbreak-Unemployment-Benefits

WASHINGTON – More than 6.6 million Americans filed new claims for unemployment benefits last week, shattering the record number for the second week in a row, the Labor Department announced Thursday.

Last week, 3.3 million people filed jobless claims, meaning the two week total comes to close to an unprecedented 10 million new claims.

All of this, of course, is due to the ongoing coronavirus outbreak which has effectively shut down large swaths of the U.S. economy.

Until last month, the worst week for unemployment filings was 695,000 in 1982.

House Speaker Nancy Pelosi said during a conference call with reporters that Thursday’s jobless numbers “takes one’s breathe away.”

“Everything we see is evidence of a need for further action,” she said.

In addition to today’s new numbers, the Labor Department revised last week’s numbers for new claims up from the previously reported 3,282,000 to 3,341,000.

In the week ending March 28, the advance figure for seasonally adjusted initial claims was 6,648,000, an increase of 3,341,000 from the previous week’s revised level.

Initial jobless claims by former federal civilian employees totaled 1,282 in the week ending March 21, an increase of 709 from the prior week.

There were also 897 initial claims filed by newly discharged veterans, an increase of 461 from the preceding week.

The highest insured unemployment rates in the week ending March 14 were in Alaska, Connecticut, New Jersey, California, Massachusetts, Minnesota, Rhode Island, Montana, Pennsylvania, Illinois, and West Virginia.

All states reported increases in initial claims for the week ending March 21. The largest increases were in Pennsylvania, Ohio, Massachusetts, Texas, and California, while the smallest increases were in the Virgin Islands, South Dakota, West Virginia, Vermont, and Wyoming.

Earlier this week, an analysis from Goldman Sachs suggested unemployment could rise to as much as 15 percent for the second quarter due to the coronavirus.

However, the investment bank is still predicting a “V-shape” recovery, meaning the steep drop-off will lead to a bigger bounce to the positive in the third quarter.

House Majority Leader Steny Hoyer, D-Md., said the unemployment claims report is “the latest example of how the coronavirus has impacted daily life in our country.” 

“This demonstrates the urgency with which the federal government must step up rather than stand down,” Hoyer continued. “While the CARES Act aimed to mitigate the worst of the economic consequences, with direct payments to most Americans and assistance to small businesses to sustain their payroll, the House stands ready to take whatever further action may be necessary. 

“The only way to prevent our hospitals from being overwhelmed is for as many Americans as possible to stay home,” he said. “We cannot begin to turn our economy back on until public health experts tell us it is safe to do so. We are all in this together, and every American has a role to play in defeating coronavirus, whether that means working in an essential job or staying home to prevent the virus’s spread.” 

A+
a-
  • Economy
  • jobless Rate
  • Labor Department
  • Unemployment
  • In The News

    Health

    Voting

    Economy

    Biden to Convene New Supply Chain Council, Announce 30 Steps to Strengthen US Logistics

    WASHINGTON (AP) — President Joe Biden on Monday will convene the first meeting of his supply chain resilience council, using the event... Read More

    WASHINGTON (AP) — President Joe Biden on Monday will convene the first meeting of his supply chain resilience council, using the event to announce 30 actions to improve access to medicine and needed economic data and other programs tied to the production and shipment of goods. “We’re determined... Read More

    Business Group Estimates Several Hundred Thousand Clean Energy Jobs in EV, Storage and Solar

    A nonpartisan business group that advocates for clean energy estimates that 403,000 jobs will be created by the 210 major... Read More

    A nonpartisan business group that advocates for clean energy estimates that 403,000 jobs will be created by the 210 major energy projects announced since the Inflation Reduction Act took effect in mid-2022. At least $86 billion in investments have been announced, with the biggest job gains in... Read More

    US Consumers Feeling Slightly Less Confident in October

    WASHINGTON (AP) — American consumers are feeling increasingly less confident these days as fears of an oncoming recession remain elevated.... Read More

    WASHINGTON (AP) — American consumers are feeling increasingly less confident these days as fears of an oncoming recession remain elevated. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 102.6 from 104.3 in September. The index measures both Americans’... Read More

    UAW Strikes at General Motors SUV Plant in Texas

    DETROIT (AP) — The United Auto Workers union turned up the heat on General Motors as 5,000 workers walked off... Read More

    DETROIT (AP) — The United Auto Workers union turned up the heat on General Motors as 5,000 workers walked off their jobs Tuesday at a highly profitable SUV factory in Arlington, Texas. The move comes just a day after the union went on strike at a Stellantis... Read More

    Stock Market Today: Wall Street Claws Back From Morning Loss to Mostly Rise

    NEW YORK (AP) — Wall Street is drifting Tuesday following the latest signal that the U.S. economy remains solid, though... Read More

    NEW YORK (AP) — Wall Street is drifting Tuesday following the latest signal that the U.S. economy remains solid, though perhaps too strong for the Federal Reserve’s liking. The S&P 500 was 0.2% higher in midday trading after erasing an early drop. The Dow Jones Industrial... Read More

    September 26, 2023
    by Dan McCue
    Vilsack Warns Farmers, Children Will Feel Shutdown’s Effect Almost Immediately

    WASHINGTON — With a partial federal shutdown growing ever more likely come midnight Saturday, the Biden administration on Monday began... Read More

    WASHINGTON — With a partial federal shutdown growing ever more likely come midnight Saturday, the Biden administration on Monday began underscoring the consequences of Congress not quickly taking steps to avert it. At Monday afternoon’s press briefing at the White House, Agriculture Secretary Tom Vilsack painted... Read More

    News From The Well
    scroll top