About 4 million workers could have filed for unemployment benefits last week, bringing total claims above 30 million in just six weeks.
Jobless claims continue to grow in the millions, with a consensus 3.5 million expected Thursday, for the week ended April 25.
A view of New York state department of labor office in Brooklyn New York USA during coronavirus pandemic on April 14, 2020.Some economists expect there were at least 4 million workers who filed for state unemployment benefits last week, signaling the job losses could be greater than expected, as states catch up on claims applications.
Barclays chief U.S. economist Michael Gapen said there are signs at the state level of more filings than previously expected. He also said the government programs, such as the Paycheck Protection Program, which were intended to help companies retain employees during the shutdowns and keep the economy in a "suspended animation" may not be as effective as expected.
"It's accurate to say the unemployment rate moved higher than many had expected. We think it will be 19% in April," Gapen said. "The six week cumulative in jobless claims will be about 30 million."
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