Nearly 10 million Americans applied for unemployment benefits over the past two weeks

3 Apr, 2020 04:35
source: Singularity Financial

Singularity Financial Hong Kong April 2, 2020 – by Zohar Lee

The number of Americans filing claims for unemployment benefits surged to more than 6.6 million last week, breaking a record high for the second week in a row as more states and cities enforced strict stay-at-home measures in an attempt to stop the coronavirus pandemic.

Claims between the period of March 21 and March 28 blew past the previous week’s record of 3.3 million, according to the weekly jobless claims report from the Labor Department published on Thursday. The previous week’s total was revised higher by 24,000.

That brings the total number of Americans who filed for unemployment over the past two weeks to nearly 10 million, a stunning sign of the colossal economic damage inflicted by the outbreak.

“Four years of job gains have evaporated in the span of two weeks,” said Daniel Zhao, senior economist at Glassdoor. “Today’s report is a one-two punch for an economy reeling from the coronavirus outbreak. As more states and localities shut down non-essential businesses to preserve public health in response to the coronavirus outbreak, initial claims are likely to continue to produce eye-popping reports.”