US jobless claims ready for historical growth
WASHINGTON (BLUMBERG). As efforts to contain coronavirus intensify, the number of Americans applying for unemployment benefits should hit a historic spike after the data were released on Thursday (March 19).
Nearly 78,000 applications have been filed in Ohio over the past three days, about fourteen times last week, a state spokesman said Wednesday. About 30,000 lawsuits have been filed in Connecticut since Friday, about 10 times the average weekly rate, Hartford Courant said Tuesday.
The representative of Illinois said that over the past two days he has received more than 41,000 lawsuits against 4445 over the same period last year.
They represent part of the potentially millions of Americans who may lose their jobs because the virus stops trips and other events. This forced restaurants and bars to close and slowed down business activity in anyone else open. As more and more people remain at home, a number of enterprises – from cafes to dental offices – also fire workers.
It feels like the scale of the upcoming events compares these state numbers with the total number of unemployment benefits in the US, amounting to only 211,000, for the week ending March 7, US jobless claims which is in line with the latest trends and close to the 49-year low of 193,000 in April.
Us unemployment rate
If this handful of states represents what is happening across the country, there may be a historic spike in jobless claims in the federal government’s March 26 report.
A report at 8:30 a.m. Thursday in Washington, which reflects claims before March 14, may so far reflect only a portion of lawsuits related to viruses.
According to one estimate, the US restaurant industry could lose 7.4 million jobs.
Marriott International Inc. began vacation, which could reach tens of thousands, US jobless claims and the American Hotel and Hotel Industry Association predicts that industry will be forced to lose 1 million jobs in the coming weeks.
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Unemployment claims in the United States, which are reported with a delay of one week, are one of the best indicators of the state of the labor market in real time.
The full effect of the loss of jobs will probably not be obvious until the April unemployment data is released, given that most of the reported layoffs occurred after the reporting week of the Ministry of Labor. US jobless claims These data should be published on May 8.
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This does not mean that the unemployment rate will not increase. In February, US jobless claims it reached a half-century low of 3.5 percent, compared with a 26-year high of 10 percent immediately after the last recession.
National unemployment could rise above 8 percent in the next three months, according to estimates by Bloomberg News, based on estimates of salary cuts from restaurant and hotel industry groups.