6.6 Million More Workers File for Unemployment

 

Roy Maurer By Roy Maurer April 9, 2020
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​Another 6.6 million U.S. workers filed for new unemployment benefits during the week ending April 4, bringing the three-week total since March 15 to an unprecedented nearly 17 million workers. Economists suspect that still millions more will be filing for unemployment in the weeks ahead due to the impact of the COVID-19 pandemic.

"The deluge of unemployment claims continue," said Nick Bunker, an economist at the Indeed Hiring Lab. "The cumulative damage to the labor market is frankly astonishing. The pace and number of people claiming unemployment insurance are staggering and show no sign of slowing down."

Layoffs, furloughs and hiring freezes are ongoing, especially in the transportation, restaurant, hospitality and retail sectors, as the coronavirus spreads across the country and nonessential businesses have been ordered to close. The weekly jobless claims report is the most-timely economic indicator for measuring the impact of the virus on the U.S. economy.

The ongoing surge in jobless filings includes an expansion of eligibility facilitated by the CARES Act. The legislation has broadened eligibilty to include the self-employed, independent contractors, freelancers, part-time workers and those with insufficient work histories.

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