Millions more Americans likely sought unemployment benefits last week, lifting total filings for claims over the past month above an astounding 20 million, which would underscore the deepening economic slump caused by the novel coronavirus outbreak.
Weekly jobless claims, the most timely data on the economy's health, are being closely watched for clues on the depth of the downturn, when the waves of layoffs may let up and when a recovery might start. Economists are divided on whether the anticipated second straight weekly decline in claims suggests that filings peaked at a record 6.867 million in the week ended March 28, or that overwhelmed state employment offices were unable to process the flood of applications.
Economists are estimating the economy contracted as much as 10.8per cent in the first quarter, which would be the steepest drop in gross domestic product since 1947. They say a historic US$2.3 trillion fiscal package, which made provisions for cash payments to some families and boosted unemployment benefit checks, will likely provide little cushion to the economy.The National Bureau of Economic Research, the private research institute regarded as the arbiter of U.S.
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