A record 6.6M Americans file for unemployment benefits Paul Davidson USA TODAY For the second straight week, millions of new layoffs underscored the staggering toll the coronavirus pandemic is taking on America’s workers. A record 6.6 million Americans filed first-time jobless claims last week the Labor Department said Thursday, in a sign the sudden shutdown of a vast swath of U.S. commerce may be just starting to wreak havoc on the economy. That followed 3.3 million claims the prior week. Economists surveyed by Bloomberg estimated that 3.5 million Americans filed initial applications for unemployment benefits. The claims are the nation’s most accurate gauge of layoffs and furloughs. The historic numbers could mark just the initial wave of a punishing couple of months. Gregory Daco, chief U.S. economist of Oxford Economics, expects a total 22 million job losses by May before the outbreak eases and the economy and labor market begin to revive. The Federal Reserve Bank of St. Louis predicts as many as 47 million layoffs and a mind-boggling 32% unemployment rate, higher than the 25% jobless rate during the Great Depression. In contrast to other recessions, the job cuts are the result of a calculated halt to economic activity. Thirty-six states have issued stay-at home orders affecting 86% of Americans and shutting down restaurants, stores, hair salons, movie theaters and other nonessential businesses to stem the spread of the virus. Several factors likely fueled massive jobless claims last week, analysts say. Major corporations such as Marriott, GE and ZipRecruiter recently have announced layoffs or furloughs that likely translated into a surge of claims. Many states reported a flood of applications for benefits that jammed phone and online systems the previous week, pushing many of the claims into last week, Morgan Stanley said. And the $2.2 trillion stimulus bill, which Congress passed late last week, expanded eligibility for unemployment benefits to contractors and the self-employed. Many of those gig workers could have applied in anticipation of the bill’s passage, Bank of America says. States in the crosshairs:Which states will be hit hardest by coronavirus-related job losses? See the list. The abrupt closures of service businesses may mean a disproportionate share of layoffs took place the past couple of weeks. Nomura economist Lewis Alexander expects jobless claims to slow in coming weeks, partly because the stimulus forgives small business loans for firms that hold onto their workers. Daco, however, expects claims to ratchet even higher the next couple of weeks before easing as the outbreak ebbs and many businesses reopen by summer. Meanwhile, Friday’s jobs report for March is likely to reflect only a fraction of the job losses to date because the survey was taken the week ending March 14, before the bulk of the layoffs occurred. Economists surveyed by Bloomberg estimate the Labor Department’s report will reveal 100,000 net job losses, which includes both layoffs and hiring that largely has come to a standstill.
When this chart gets updated Gregory Daco, chief U.S. economist of Oxford Economics, expects a total 22 million job losses by May before the outbreak eases and the economy and labor market begin to revive. The Federal Reserve Bank of St. Louis predicts as many as 47 million layoffs and a mind-boggling 32% unemployment rate, higher than the 25% jobless rate during the Great Depression.
And it's going to get worse, much worse, most of it necessarily self inflicted. There will be 50 million unemployed by June
And the Dems will celebrate...with every death and job loss... not really hurting Trumpy at this point - but this will be clear from the Libtards on this site.. If only Hillary would have been POTUS - We'd have 10 times the deaths and 100 times the loss.... What difference, at this point, does it make?