Coronavirus Pushes 3.3 Mn To Claim US Jobless Benefits
Mohammad Ali (@ChaudhryMAli88) Published March 26, 2020 | 07:07 PM
The economic shutdown caused by the coronavirus pandemic sparked an explosion of Americans filing for unemployment benefits, surging to 3.3 million last week -- the highest number ever recorded, the Labor Department reported Thursday
Washington, (APP - UrduPoint / Pakistan Point News - 26th Mar, 2020 ) :The economic shutdown caused by the coronavirus pandemic sparked an explosion of Americans filing for unemployment benefits, surging to 3.3 million last week -- the highest number ever recorded, the Labor Department reported Thursday.
The normally routine report is at the frontlines of the economic crisis caused by the outbreak, which has forced widespread closures of restaurants, shops and hotels and brought airline travel to a virtual halt, prompting the stunning increase in people filing for benefits nationwide in the week ending March 21.
Nearly every state cited COVID-19 for the jump in initial jobless claims, with heavy impacts in food services, accommodation, entertainment and recreation, healthcare and transportation, the report said.
The increase compares to 281,000 first time filers in the prior week and blows away the previous record of 695,000 set in October 1982. In the same week of 2019, only 215,000 new claims were registered.
Economists had been warning about a massive increase in the jobless level, but the consensus centered around 1.5 million, which several cautioned was overly optimistic.
Ian Shepherdson of Pantheon Macroeconomics correctly predicted what he called a "horrific" result, noting that New York state alone had received 1.7 million calls about benefits.
The US Senate approved overnight a $2.2 trillion economic rescue package that includes an unprecedented expansion in unemployment benefits to try to cushion the blow until the pandemic is undercontrol.
Related Topics
Recent Stories
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
Today Gold Rate in Pakistan 23 April 2024
Islam enlightened world with its teachings about knowledge: Dr Jamileh
Record London close as oil prices drop on easing Middle East fears
TV tower in Kharkiv struck as Russia captured village
LCCI language courses from May 1
Governor for service oriented governance in Punjab
Survivors tell of panic at C.Africa river boat disaster
More Stories From World
-
Migrant detentions set to begin after parliament passes UK-Rwanda plan
32 seconds ago -
China slams US claims it is fuelling Ukraine war
46 seconds ago -
More than 50,000 displaced by clashes in northern Ethiopia: UN
11 minutes ago -
N. Korea's Kim oversees 'nuclear counterattack' drill
21 minutes ago -
Council of Europe calls on UK to scrap Rwanda migrant plan
31 minutes ago -
China's manufacturing powerhouse sees foreign trade growth in Q1
51 minutes ago
-
Nearly 82 percent Chinese have reading habit: survey
51 minutes ago -
Malaysia military helicopters crash, killing 10 crew
51 minutes ago -
Musk lashes Australian order demanding X remove stabbing videos
51 minutes ago -
Shenzhen issues red alert for rainstorm
1 hour ago -
Chinese police launch campaign to hunt down economic fugitives abroad
1 hour ago -
China mulls intensifying statistical supervision through law amendment
1 hour ago