Jobless claims surge to 3.3M as coronavirus spreads

Jobless claims surge to 3.3M as coronavirus spreads

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Layoffs are skyrocketing to unprecedented levels as the coronavirus upends the U.S. economy.

The number of Americans filing initial applications for unemployment benefits jumped nearly twelvefold to a record 3.28 million last week, the Labor Department said Thursday, offering the most vivid evidence yet of the pandemic’s widespread damage to the economy.

The total was well above the 1.5 million claims economists had forecast, according to the median estimate of those surveyed by Bloomberg. Workers file claims for unemployment benefits when they lose their jobs.

“A definite and unmistakable sign the United States has entered a recession,” Chief Economist Scott Anderson of Bank of the West wrote in a note to clients.

The pandemic has set off the most abrupt near-shutdown of the economy in history. Many restaurants, shops, movie theaters, sports arenas and other gathering spots across the country suddenly closed their doors or scaled back service last week to contain the spread of the virus.

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By Javier Manning

Javier has been in the field of content writing for almost 8 Years as he hails from the Biotechnology background. The edifying articles portray her craving towards language. His keen hobby of reading technological innovations related books or articles has sown the seed of being a well-versed editor with the current scenario of numerous industry verticals. He is one of the valuable assets to this publication. The Industry News Press has awarded him with a senior editors post based on his skillful performance to date.