US Unemployment Claims Hitting New & Alarming Records

(2 April 2020)  Coronavirus is costing many Americans their jobs. According to the US Department of Labor, jobless claims doubled last week hitting 6.6 million. That means initial claims rose more than 2,000% over the last two weeks alone. This is the highest level of initial claims ever reported. With layoffs continuing as US businesses remain closed, economists had expected new jobless claims to rise tenfold. Today's figures are thus a chilling look into the reality of the US economy.

  • The week ending March 14, jobless claims were 282,000, a figure that was already a 33% increase from 211,000 the week prior.
  • According to the Department of Labor, services industries, such as accommodation and food services, have been hit the hardest. Other industries that have been heavily impacted include: health care and social assistance, arts, entertainment and recreation, transportation and warehousing, and manufacturing.

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