A record 6.65-million people filed jobless claims in the week ended March 28, worse than the most dire estimate in Bloomberg’s survey of economists
Washington — The number of Americans applying for unemployment benefits surged for a second week and reached about 10-million over the past two weeks, highlighting the devastating economic effect of the coronavirus as shutdowns widened across the country.
US stocks fluctuated at the open following the report, which was even worse than the most dire estimate in Bloomberg’s survey of economists. The weekly claims data, usually the first to show a hit amid a downturn, highlight the extent to which US businesses and workers are reeling from the global health crisis. The report shows that the virus is having a wider impact beyond just hotels and restaurants, with states reporting impacts in health and social assistance, factories, retail and construction.
Continuing claims, which are reported with a one-week lag, jumped by 1.25-million to 3.03-million in the week ended March 21 — the highest since 2013. That pushed the insured unemployment rate up to 2.1% from 1.2%.
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