A man looks at the closed sign in front of Illinois Department of Employment Security in Chicago, Wednesday, April 15, 2020. With half-a-million people bounced out of jobs in the past month because of the COVID-19 pandemic, Illinois' unemployment safety net has been stretched to the limit. (AP Photo/Nam Y. Huh)
Another 5.2 million people filed for unemployment in the week ending April 11, according to a U.S. Department of Labor report released Thursday morning.
In any other year, that would be a historic jump, but this is the fourth consecutive week that jobless claims numbered in the multimillions. A total of 22 million have applied for unemployment benefits during that time.
Last week's number is actually a turnaround from the week prior when 6.6 million applied. The drop could be a sign that the trend is starting to slow; some analysts believe that the number will steadily drop in the coming weeks, even as the U.S. continues to see relatively high numbers.
California had the most jobless claims with 660,966, but that represented a fall from 918,814 the prior week. New York saw its number continue to rise with 395,949 claims, an increase from 344,451.
Before the coronavirus put the economy on lockdown, the one-week national record for jobless claims had been 695,000 in 1982.
Unlike the Great Recession, which saw layoffs trickle in over a longer period, the nature of the coronavirus shutdown has led to an immediate spike in unemployment.
The most optimistic economists are hoping the situation can be reversed just as quickly, once governors begin to steadily reopen the economy, but many experts believe the recovery will take time.
In the meantime, states are struggling to keep up with the massive waves of claims. State unemployment funds are being strained, with a number set to run out in the next few months.
Missed out on the Nvidia wave? Oh course you did — you’re reading this article aren’t you, instead of luxuriating on a white-sand beaches of Bali. But here are at least four other promising semiconductor stocks to add to your portfolio.
Fresh off a successful funding round, co-founder of Lapse Dan Silvertown shares thoughts on regulation, privacy, and why the money for great startups is still out there.
Wendy's announced they are testing out fluctuating prices throughout the day for certain products based on demand. Who will groan the most: lunch-breakers, dinner drivers or late-night goblins?
Shubha Dasgupta, CEO of Pineapple Financial, discusses incorporating artificial intelligence with its newly announced ‘Maui’ tool, plus plans for expansion.
Chair of Penn Engineering’s Department of Computer and Information Science Zachary Ives shares how the department is building its artificial intelligence degree program.
Frances Stacy, Optimal Capital Director of Strategy, breaks down why the latest data indicates the economy may be struggling more than expected, plus some sectors she’s watching.
