In the week ending March 28, the advance figure for seasonally adjusted initial claims was 6,648,000
Source: Department of Labor
News Release
Connect with DOL at https://blog.dol.gov
TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL 8:30 A.M. (Eastern) Thursday, April 2, 2020
COVID-19 Impact
The COVID-19 virus continues to impact the number of initial claims. Nearly every state providing comments cited the COVID-19 virus. States continued to identify increases related to the services industries broadly, again led by accommodation and food services. However, state comments indicated a wider impact across industries. Many states continued to cite the health care and social assistance, and manufacturing industries, while an increasing number of states identified the retail and wholesale trade and construction industries.
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS
SEASONALLY ADJUSTED DATA
In the week ending March 28, the advance figure for seasonally adjusted initial claims was 6,648,000, an increase of 3,341,000 from the previous week's revised level. This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. The previous week's level was revised up by 24,000 from 3,283,000 to 3,307,000. The 4-week moving average was 2,612,000, an increase of 1,607,750 from the previous week's revised average. The previous week's average was revised up by 6,000 from 998,250 to 1,004,250.
The advance seasonally adjusted insured unemployment rate was 2.1 percent for the week ending March 21, an increase of 0.9 percentage point from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending March 21 was 3,029,000, an increase of 1,245,000 from the previous week's revised level. This is the highest level for insured unemployment since July 6, 2013 when it was 3,079,000. The previous week's level was revised down by 19,000 from 1,803,000 to 1,784,000. The 4-week moving average was 2,053,500, an increase of 327,250 from the previous week's revised average. This is the highest level for this average since January 14, 2017 when it was 2,062,000. The previous week's average was revised down by 4,750 from 1,731,000 to 1,726,250.
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The highest insured unemployment rates in the week ending March 14 were in Alaska (2.8), Connecticut (2.7), New Jersey (2.6), California (2.4), Massachusetts (2.3), Minnesota (2.3), Rhode Island (2.3), Montana (2.2), Pennsylvania (2.2), Illinois (2.1), and West Virginia (2.1). All states reported increases in initial claims for the week ending March 21.
The largest increases were in Pennsylvania (+362,012), Ohio (+189,263), Massachusetts (+141,003), Texas (+139,250), and California (+128,727), while the smallest increases were in the Virgin Islands (+79), South Dakota (+1,571), West Virginia (+2,671), Vermont (+3,125), and Wyoming (+3,136).
Read more: https://www.dol.gov/ui/data.pdf
Unemployment Insurance Weekly Claims Initial claims were 6,648,000 for the week ending 3/28 (+3,341,000).
Unemployment Insurance Weekly Claims
Initial claims were 6,648,000 for the week ending 3/28 (+3,341,000).
Insured unemployment was 3,029,000 for the week ending 3/21 (+1,245,000).
https://dol.gov/ui/data.pdf
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Gothmog
(145,558 posts)Link to tweet
?s=20
BumRushDaShow
(129,457 posts)By Heather Long
April 2, 2020 at 8:32 a.m. EDT
More than 6.6 million Americans applied for unemployment benefits last week -- a new record -- as political and public health leaders put the economy in a deep freeze to keep people at home and try to slow the spread of the deadly coronavirus. Job losses have skyrocketed as restaurants, hotel, gyms, and travel have shut down across the nation, but layoffs are also rising in manufacturing, warehousing and transportation, a sign of how widespread the pain of the coronavirus recession is.
In March alone, 10.2 million Americans lost their jobs and applied for government aid, according to the latest Labor Department data that includes claims filed through March 28. Many economists say the real number of people out work is likely even higher than that since a lot of newly unemployed Americans havent been able to fill out a claim yet. Wee never seen anything like this, said Aaron Sojourner, a labor economist at the University of Minnesota. The scale of the job losses in the past two weeks is on par with what we saw in two years during the Great Recession."
Many people say they werent even able to apply for unemployment benefits because the phone lines were so swamped they could not get through. Gig and self-employed workers like barbers and hairdressers were also not eligible to apply until the end of March after Congress pass the $2.2 trillion relief bill to expand who qualifies for aid. These workers are only just beginning to file out applications.
The U.S. government has not released an official unemployment rate yet, but economists say it has likely jumped to about 8 percent, a massive and sudden spike from February, when the rate was at a half century low of 3.5 percent. The nation has not seen unemployment over 8 percent since 2012.
https://www.washingtonpost.com/business/2020/04/02/jobless-march-coronavirus/
mahatmakanejeeves
(57,607 posts)Last week's figure was revised upward a little.
There have been 10,000,000 initial claims in the last two weeks.
DOL embargoes these releases until 8:30 a.m. The WaPo had the story in the can, but it hadn't been posted when I checked.
BumRushDaShow
(129,457 posts)I have my iPad on a little stand nearby and when the breaking banners come in, I go right to the articles to check them out!
Good morning and happy Friday Eve!
mahatmakanejeeves
(57,607 posts)As you know, BLS is tomorrow. That's looking to be grim.
Breaking: A record 6.6 million workers applied for unemployment benefits last week, marking a sharp downturn in the labor market caused by the new coronavirus
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A huge amount of unemployment filings is actually a good thing because it takes the burden of paying salaries off of small businesses and service industry(who are mostly shut down right now) and on to the government until the country reopens.
@cnbc
@jimcramer
@michaelsantoli
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BumRushDaShow
(129,457 posts)or if I take it with me when I get my car serviced. But 99% of the time I am posting from a laptop!
UpInArms
(51,284 posts)The numbers: The number of Americans who applied for unemployment benefits last week soared by a record 6.6 million, bringing the increase in new jobless claims in the last two weeks of March to 10 million as the all-out effort to slow the coronavirus slammed the economy.
Countless businesses across the country have been forced to close or scale back hours, throwing hordes of people out of work and triggering an unprecedented back-to-back surge in initial jobless claims. New claims are likely keep climbing in the next few weeks as the damage unfolds.
In just the past two weeks alone, new claims have easily exceeded the peak number of people who collected benefits during the 2007-2009 recession. A record 6.6 million people drew benefits at the tail end of the last recession.
Soon the clutch of unemployed Americans is likely to surpass the prior record of 15.3 million, also during what has become known as the Great Recession. Economists predict 25 million Americans or more could lose their jobs in the next few months, at least temporarily.
What happened: Initial jobless claims jumped by a seasonally adjusted 6.65 million from an upwardly revised 3.34 million in the prior week, the Labor Department said. The increases in both weeks easily shattered the prior one-week record of 695,000 in October 1982.
More at
https://www.marketwatch.com/story/jobless-claims-leap-record-66-million-at-end-of-march-as-coronavirus-triggers-mass-layoffs-2020-04-02?mod=mw_latestnews
Gothmog
(145,558 posts)Link to tweet
?s=20
Cicada
(4,533 posts)It might be only 6,647,000, not 6,648,000?
Hugin
(33,203 posts)greenjar_01
(6,477 posts)Ten million on unemployment in the last two weeks?
Good God.
mahatmakanejeeves
(57,607 posts)Hat tip, commenter Harveyrabbit at Joe.My.God.
.
@EricTrump
deleted his tweet advising people to buy stocks just ahead of a historical stock market crash
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IronLionZion
(45,528 posts)as GOP Senators were dumping stocks on insider knowledge of what was coming, they needed people to buy it from them.
We can always ask Trumpsters, how's your 401K doing? And it won't help much for people who lost their jobs. It's harder to find a new job now.
duforsure
(11,885 posts)I have zero confidence in any numbers coming from this administration, and how long before we find out he has been getting others to manipulate the true numbers. He did accuse Obama of doing this, and his pattern has been to accuse others of what he'd do, or has done.
mahatmakanejeeves
(57,607 posts)Has any take in world history aged worse than Wilbur Ross saying coronavirus would be good for jobs?
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Maeve
(42,288 posts)mahatmakanejeeves
(57,607 posts)Somebody please explain to Cryin Chuck Schumer that we do have a military man in charge of distributing goods, a very talented Admiral, in fact. New York has gotten far more than any other State, including hospitals & a hospital ship, but no matter what, always complaining.....
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progree
(10,918 posts)3.5 million, and it turned out to be 6.6 million. Why would the Dow and the S&P 500 go up by about 1.6% each (as of 1030 am ET) on this news? Lots of cheap labor available? To do what?
seta1950
(933 posts)Wow