A record 6.6 million Americans filed for unemployment last week as the coronavirus continued to take a huge toll on the economy and workers
For the second straight week, millions of new layoffs underscored the staggering toll the coronavirus pandemic is taking on America’s workers.
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.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.
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. 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.Which states will be hit hardest by coronavirus-related job losses? See the list.
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