Millions more expected to file jobless claims, as coronavirus layoffs wind on

Millions more expected to file jobless claims, as coronavirus layoffs wind on

The number of Americans filing new unemployment claims will likely continue to drop, but it's still expected to reach the millions as the economic toll from the coronavirus pandemic ticks on.

Between 2.3 million and 2.8 million Americans filed initial applications for unemployment insurance last week, economists estimate. That's down from the 3 million who filed claims the week before and the record 6.9 million who sought assistance in late March.

But if the latest tally, which the Labor Department reports on Thursday, matches estimates, it will mean roughly 39 million Americans have applied for unemployment in just nine weeks, a staggering number that reflects a jobless rate that is the highest since the Great Depression.

"The labor market continues to struggle amid the COVID-19 pandemic and filings for unemployment benefits are likely to remain at elevated levels even as some states begin to gradually reopen their economies and ease back some social distancing measures,'' BofA Research said in an investors note.

Millions more Americans are expected to have filed initial jobless claims last week, economists say.

A record 20.5 million jobs were lost in April, according to the Labor Department, spiking the unemployment rate to 14.7%. That more than tripled the 4.4% unemployment rate reported in March and the 3.5% unemployment rate in February that represented a 50-year low.

Barbershops go undercover:Bootleg barbershops and hair salons thrive as coronavirus stay at home orders persist in some states

Target rolls out the new:Target announces new Designer Dress Collection with LoveShackFancy, Cushnie coming in June

In the initial weeks of the pandemic, workers in the retail, hospitality and leisure sectors bore the brunt of job losses as stay-at-home orders were put in place, and travel ground to a virtual halt.

But the fallout from the pandemic is now rupturing other industries. Recently, companies such as Uber and General Electric have laid off thousands of employees. And construction and the professional services sector have also suffered job cuts.

Follow Charisse Jones on Twitter @charissejones

Source: https://www.usatoday.com/story/money/2020/05/20/millions-more-expected-file-unemployment-amid-coronavirus/5227975002/

News Related

ORTHER NEWS

Trump’s ‘mission accomplished’ moment is premature and deadly. We have not defeated COVID.

Desperate for crowds and adoration, Trump has put his most fervent supporters at risk of getting a deadly disease. Future historians will be astonished. Read more »

NFLPA president JC Tretter says NFL is putting season, players at risk with its coronavirus approach

NFL Players Association president JC Tretter said Tuesday the NFL is putting the 2020 season at risk with its coronavirus approach, calling on the league to better “prioritize player safety.” “Like many other... Read more »

Brazilian President Jair Bolsonaro says he tested positive for the coronavirus

RIO DE JANEIRO (AP) — Brazil’s President Jair Bolsonaro says he has tested positive for COVID-19 after months of downplaying the virus’ severity. Bolsonaro confirmed the test results while wearing a mask and... Read more »

Venice Film Festival forges ahead amid COVID-19 pandemic with reduced lineup

The show will go on for the Venice Film Festival in September, but with a few modifications due to the COVID-19 pandemic. Organizers said Tuesday that they are pushing forward with plans for... Read more »

Amtrak offers buy-one, get-one promotion on its sleeper trains amid COVID-19 — with a catch

Amtrak wants you to have sweet dreams the next time you travel — so much so that it’s sweetening the deal on its sleeper “roomettes.” The rail service is offering a buy-one-get-one-free discount... Read more »

Florida teen treated with hydroxychloroquine at home before dying of COVID-19, report says

FORT MEYERS, Fla. – The family of a 17-year-old Florida girl who died last month from COVID-19 treated her symptoms at home for nearly a week before taking her to a hospital, a... Read more »

Mookie Betts worried MLB coronavirus testing woes could prevent him from ever playing for Dodgers

During nearly four months away from the game, Mookie Betts said he “stayed away from baseball to keep myself sane.” It’s not hard to understand why. The 2018 American League Most Valuable Player... Read more »

Tom Hanks doesn’t get ‘how common sense has somehow been put into question’ with coronavirus

Read more »

Can Gov. DeSantis force Florida schools to reopen amid the coronavirus pandemic? Some school leaders seem doubtful.

PALM BEACH, Fla. — As concern about the state order spread online, some school leaders said: Not so fast. As Florida educators puzzle over how to start the new academic year, Gov. Ron... Read more »

Texas surpasses 200,000 coronavirus cases after 4th of July holiday weekend

AUSTIN, Texas – Texas reached 200,000 total COVID-19 cases Monday, just 17 days after crossing the 100,000 threshold, a figure that took the state nearly four months to hit. The grim milestone came... Read more »