The number of Americans who filed claims for unemployment benefits surged to a record 6.6 million last week as the coronavirus pandemic caused massive layoffs and furloughs.
For the second straight week, millions of new layoffs underscored the staggering toll the coronavirus pandemic is taking on America’s workers.
Economists surveyed by Bloomberg estimated that 3.5 million Americans filed initial claims last week. The applications represent the nation’s most accurate gauge of layoffs and furloughs. Accommodation and food services continued to lead the industries pummeled by layoffs, followed by health care and manufacturing, Labor said. But more sectors are starting to be affected, with a growing number of states citing retail and wholesale trade, and construction.Which states will be hit hardest by coronavirus-related job losses? See the list.
In contrast to other recessions, the job cuts are the result of a calculated halt to economic activity. Thirty-six states have issued stay-at home orders affecting 86% of Americans and shutting down restaurants, stores, hair salons, movie theaters and other nonessential businesses to stem the spread of the virus.
And the $2.2 trillion stimulus bill, which Congress passed late last week, expanded eligibility for unemployment benefits to contractors and the self-employed. Many of those gig workers could have applied in anticipation of the bill’s passage, Bank of America says.Which states will be hit hardest by coronavirus-related job losses? See the list.
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A record 6.6M Americans file for unemployment benefits as coronavirus wreaks havoc on economyThe number of Americans filing jobless claims rose to 6.6 M last week. Some economists expect tens of millions of layoffs the next couple of months.
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A record 6.6M Americans file for unemployment benefits as coronavirus wreaks havoc on economyThe number of Americans filing jobless claims rose to 6.6 M last week. Some economists expect tens of millions of layoffs the next couple of months.
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