US unemployment claims shatter record as coronavirus hammers economy

Jobless claims shatter record

3/26/2020

Jobless claims shatter record

Estimates varied drastically for how high the number of people who applied in mid-March for unemployment benefits would be.

coronavirus pandemic forced businesses around the country to shutter their doors. The number eclipsed the previous record of 695,000 set in 1982 and is well above the levels seen in the midst of the 2008 financial crisis, the Labor Department said in its weekly report. The data dates back to 1967. HOW TO FILE FOR UNEMPLOYMENT BENEFITS Estimates varied drastically for how high the number of people who applied in mid-March for unemployment benefits would be, ranging from 1 million to 2.25 million Americans who lost their jobs during the period between March 15 and March 21, but economists agreed it would be grim. The four-week moving average was 1,731,000, an increase of 27,500 from the previous week’s revised average. "Most historical comparisons of this scale are inadequate," said Glassdoor senior economist Daniel Zhao. "The closest would be natural disasters like major hurricanes. However, as today's report shows, the coronavirus outbreak is economically akin to a major hurricane occurring in every state around the country for weeks on end.” CORONAVIRUS LAYOFFS SKYROCKET, CATCHING NEARLY HALF OF STATE UNEMPLOYMENT PROGRAMS UNPREPARED Restaurants, bars, hotels, airlines, cruise lines, automakers and entertainment venues have been hit hard by the pandemic as cities and states, trying to mitigate the spread of the virus, have ordered the closure of non-essential businesses and told residents to stay at home. Jobless claims bring the first hard evidence that the novel coronavirus is bringing the nation's economy to a grinding halt. But economists have warned the number will likely continue to rise in the coming weeks. "I expect this number to keep rising as workers heed orders to shelter in place," said Jason Reed, assistant chair and teaching professor of finance at the University of Notre Dame. "Fiscal stimulus will be coming just in time to help millions of Americans weather the storm, but we’re not out of the woods yet. The state of jobless claims and unemployed workers will certainly get worse before it gets better. " Laid-off workers reported waiting hours on the phone last week to apply for unemployment benefits. Websites in multiple states, including New York and Oregon, crashed because so many people were trying to apply at once. GET FOX BUSINESS ON THE GO BY CLICKING HERE Claims increased in all 50 states and Washington, D.C. with nine states reporting increases of at least 100,000 from the previous week. Pennsylvania reported the biggest number of claims, with 378,900, followed by Ohio at 187,000 and California at 186,000. Lawmakers are looking to provide relief to laid-off workers with a $2 trillion stimulus package, the largest relief bill in recent memory, that's awaiting approval by the House. In addition to giving adults who earn less than $99,000 annually up to $1,200 cash checks, the bill would expand unemployment benefits. Federal Reserve Chairman Jerome Powell, during a rare televised interview on Thursday morning, said the U.S. economy may already be in a recession, but said the downturn is unlike any other the U.S. has seen before. CLICK HERE TO READ MORE ON FOX BUSINESS The head of the central bank said that the virus will dictate the recovery time-table, but warned that economic activity will decline, "probably substantially," in the second quarter of the year. "We may well be in a recession," Powell said. "There's nothing fundamentally wrong with our economy, quite the contrary. In principle, if we get the virus under control, economic activity can resume, and we want to make that rebound as vigorous as possible." Markets Read more: Fox News

Trump making America 'great' Winning! No wonder How about bonus income for the medical personnel out on front lines risking their health ? United States Coronavirus Cases: 68,774 Deaths: 1,037 Recovered: 428 Trump will eagerly sacrifice his followers at the altar of capitalism. realDonaldTrump foxandfriends Just Curious.. How many of the 3.28 mill people applying for unemployment (for they can benefit) from the stimulus, don’t work and live off the taxpayers anyways. They filled a tax return so they to are eligible. WTH StimulusPlan stimulusbill

I wouldn't get within ten feet of that 'wall'.

Pentagon estimates that coronavirus will plague US for months as Trump pushes to restart economyThe virus has infected more than 398,000 worldwide, though many have recovered. In the U.S. more than 46,500 cases have been reported so far. Where were they when this thing was getting started? I want to see those f**ks working in hospitals helping doctors and nurses. Ol orange man claims he knows more than all the generals. Said so himself. fuck it

WOW!! SO THEY JUST SAID IT WILL BE ANOTHER 2-3 WEEKS FOR $1,200 CHECKS! THIS IS TOTAL BS!!!!! WE WILL NEVER SEE IT !!! WE ARE ON OUR OWN!!!! How about you remove Juan Williams for blaming Trump for this virus outbreak. Shame on you all for allowing it. Well I know Trump always likes to be the biggest best most...well he has truly outdone himself with this one. I hope he is proud.

False positive. Thus is Nothing to worry about. By end if April we should all go back to work. Time to do that honey do list, darn it. China must pay. That’s expected No beautiful impacting graph made for such huge headline? Surgeon General warns US could be worse than Italy if 15-day guidelines are disregarded Explore the Fox News apps that are right for you at

So. Much. Winning.

U.S. Unemployment Claims Surged A Record 3 Million For Week Ending March 21 From Week Before, Entertainment HitU.S. unemployment claims surged by over three million for the week ending March 21 to 3.283 million, a record, according the the Department of Labor, and its the first official reckoning of the dev…

Awful. Hopefully the stimulus helps them tread water. Liberals are ecstatic. I'm glad this moron is in charge 😂😂😂 Tất cả hiện nguyên hình hết đi theo lệnh của ta Don’t worry. Back to normal by Easter. Just pretend there is no virus

This Is Us Season 4 Finale: Surprise Children & One Huge FightThis Is Us said goodbye to season four with some major reveals and a few big surprises we'll be thinking about all the way until season five Dropped this show from my weekly recordings. Got too boring and overly dramatic.

Trump Wants U.S. ‘Opened Up’ by Easter, Despite Health Officials’ WarningsPresident Trump said on Tuesday that he wanted to reopen the country for business by Easter, on April 12, despite widespread warnings from public health experts that the worst effects of the coronavirus were still weeks away Dopey misleading. He was hoping. Fix it. I'll be the first to tweet... wash your hands

US deaths top 1,000 as $2.2 trillion in virus aid approvedU.S. deaths from the coronavirus pandemic top 1,000, in another grim milestone for a global outbreak that is taking lives and wreaking havoc on economies and established routines of ordinary life. Any day now it’s going to drop to zero. Trump promised. 23,000 DEATHS from the flu but we must shut the world down. 🧐 1000. Pandemic. How bout Diabetes, Heart Disease, Cancer, Flu, 10x's that daily.

US hospitals rush to find beds for surge of virus patientsWith capacity stretched thin, U.S. hospitals are rushing to find beds for a coming flood of patients, opening older closed hospitals, turning single rooms into doubles and re-purposing other medical buildings. But trump says Easter is a goooooooooo Sure just write something useful on the box oka They want you to stay indoors forever.



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