Another six million Americans seeking unemployment benefits, for the second straight week, has brought the jobless claims tally to more than 15 million ReutersGraphics shows the claims spike
Thursday’s weekly jobless claims report from the Labor Department, the most timely data on the economy’s health, strengthens economists’ expectations of job losses of up to 20 million in April and their conviction that the economy is in deep recession. It also underscored an urgent need for more fiscal stimulus to halt the free fall, economists said.
All told, a record 16.78 million people have filed claims for jobless benefits since the week ending March 21. The breadth of businesses shuttered has widened to include those in transportation, construction, manufacturing, agriculture, administration and health care. Retailers have also furloughed workers. California, New York state, Michigan, Florida, Georgia, Texas, New Jersey, Indiana, Ohio, North Carolina and Alabama had the most applications in the week ending March 28.
Stocks on Wall Street rallied on the latest stimulus from the Fed, while the dollar .DXY declined against a basket of currencies. Prices of U.S. Treasuries were trading higher.The government reported last Friday that the economy purged 701,000 jobs in March. That was the biggest loss of jobs since the 2007-2009 Great Recession and ended an employment boom that started in late 2010, which was the longest in U.S. history.
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