Jobless claims: Another 6.6 million workers file for benefits
The COVID-19 pandemic’s rapid spread continues to hammer the U.S. economy, and Thursday’s initial jobless claims data showed yet another brutal week for the U.S. labor market.
“The labor market is setting records, but for all the wrong reasons. Another 6.6 million unemployment claims were filed in the past week, bringing the tally to an unprecedented 16.5 million in the past three weeks alone,” Greg McBride, Bankrate’s chief financial analyst, said in an email. “Continuing unemployment claims also hit a new record of 7.45 million, and soon enough this will be the number we watch every week instead.
For the week ended April 4, California saw the highest number of initial claims at an estimated 925,000 on an unadjusted basis, up from 879,000 the prior week. Georgia had an estimated total of 388,000, Michigan had 385,000, and New York reported 345,000. “In last week’s data, about a third of the rise reflected states where processing had not kept up with initial claims during the first weeks of the crisis . We think claims in those states still have further to rise,” Carpenter explained in a note published on April 3.
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