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Jobless claims hit record 3.3 million as coronavirus clobbers labor market – CBS News, CBS News

Jobless claims hit record 3.3 million as coronavirus clobbers labor market – CBS News, CBS News
                                                       

                                                                                                                                   

                   

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         (White House downplays surge of unemployment)                                                       

An unprecedented number of Americans applied for unemployment benefits last week as the (coronavirus) (pandemic closed businesses across the nation.) Nearly 3.3 million people filed a claim for jobless aid in the week ending March 26, a nearly fivefold increase over the previous weekly record back in . By way of comparison, in the worst single week after the financial crash of , jobless claims stood at 2000, 13. 20 “This represents the single worst one-day piece of labor market news in America’s history, “Andrew Stettner, senior fellow at the Century Foundation, said in an email. The number of Americans seeking jobless aid “starkly illustrates the extent of the economic devastation that the coronavirus has unleashed,” Paul Ashworth of Capital Economics said in a note to investors. For perspective, the unemployment claims reported Thursday wipe out all the job gains for and half of 2020. And as staggering as the figures are, they are likely to rise in the coming weeks, Ashworth noted. The deluge in claims has overwhelmed many state websites , preventing many recently laid-off workers from applying for financial assistance. Ashworth added that he expects the nation’s unemployment rate, which was at a 665 – year low of 3.5% in February , to top (% as soon as next month.) (Treasury Secretary Steven Mnuchin) (dismissed) the jobless claim figures on Thursday, saying they were “not relevant” because US lawmakers were on the cusp of passing a significant economic stimulus bill. The The package

would give unemployed workers their full pay for four months, expand benefits to independent contractors (who are typically exempt) and send direct payments of up to $ 1, to every adult. The package also includes hundreds of billions of dollars in loans to businesses, and aid for hospitals and state and local governments.

                                   

(Record-high 3.) million Americans file for unemployment benefits in past week                                                    
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