US Unemployment Claims Spike

April 2, 2020
The Department of Labor reported last week the largest single-week increase in unemployment in American history.

April 2, 2020—The Department of Labor reported more than 3 million people filed for unemployment from March 15-21, as reported by The New York Times.

This week's number, which reflects claims filed last week could rise close to 5.5 million. Morgan Stanley estimates that claims will rise to 4.5 million in tomorrow’s report; Goldman Sachs’s estimate is 5.5 million.Searches for 'file for unemployment" were up 62 percent from the week before.

State resources have been severely strained with astronomical levels of interest from recently laid-off workers, leading to long wait times, nonworking websites and jammed phone lines, according to the report.

In normal times and during recessions, forecasts of unemployment filings has performed poorly because there have been firings and hirings every day but the difference this time is that there has been very little hiring to replace the losses. 

Sponsored Recommendations

Best Body Shop and the 360-Degree-Concept

Spanesi ‘360-Degree-Concept’ Enables Kansas Body Shop to Complete High-Quality Repairs

How Fender Bender Operator of the Year, Morrow Collision Center, Achieves Their Spot-On Measurements

Learn how Fender Bender Operator of the Year, Morrison Collision Center, equipped their new collision facility with “sleek and modern” equipment and tools from Spanesi Americas...

ADAS Applications: What They Are & What They Do

Learn how ADAS utilizes sensors such as radar, sonar, lidar and cameras to perceive the world around the vehicle, and either provide critical information to the driver or take...

Banking on Bigger Profits with a Heavy-Duty Truck Paint Booth

The addition of a heavy-duty paint booth for oversized trucks & vehicles can open the door to new or expanded service opportunities.