Jobless claims surge to 3.3M as coronavirus spreads

Jobless benefit claims for last week could total in millions

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Layoffs are skyrocketing as the coronavirus upends the U.S. economy.

The number of Americans filing initial applications for unemployment benefits jumped by 3 million to a record 3.3 million last week, the Labor Department said Thursday, offering the most vivid evidence yet of the coronavirus’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.

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.

Economists’ estimate of the jobless claims total – a reliable gauge of layoffs across the country – varied widely, from as little as 1 million or so to upwards of 4 million.

Coronavirus layoffs accelerate:It’s not just restaurants and movie theaters cutting jobs. Small business layoffs spread.

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A piece of paper that says Unemployment Claim on it

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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.