A worker, right, hands out paper unemployment applications after a batch of applications in English were brought in, Tuesday, April 7, 2020, at Babcock Park in Hialeah, Fla. (AP Photo/Wilfredo Lee)
More than 6.6 million people applied for unemployment benefits last week, according to new data from the Department of Labor.
That brings the total number of layoffs since the coronavirus pandemic hit the U.S. economy to 17 million, or 10 percent of the total workforce, in just three weeks.
This is only the latest in a series of historic surges for the unemployment rolls. Two weeks ago, a record-breaking 6.9 million people filed jobless claims. The week before that saw 3.3 million claims, surpassing the former one-week record of 695,000 set in 1982.
One reason for the continued rise in filings is that more people can now apply. The $2.2 trillion stimulus package that Congress passed at the end of last month expanded unemployment insurance to freelancers, independent contractors, and the self-employed.
How this impacts the economy in the long-run is a topic of fierce debate. Economists are projecting unemployment rates of 10 percent to an astonishing 30 percent by this summer.
The unemployment rate for March rose to 4.4 percent, but that doesn't account for the bulk of the economic damage that followed nationwide stay-at-home orders and shutdowns later in the month.
The Federal Reserve followed up the job numbers with the announcement that it would put $2.3 trillion into the economy through new loan programs for small businesses, states, and municipalities.
Disney content has gone dark on YouTube TV, leaving subscribers of the Google-owned live streaming platform without access to major networks like ESPN and ABC. That’s because the companies have failed to reach a new licensing deal to keep Disney channels on YouTube TV. Depending on how long it lasts, the dispute could particularly impact coverage of U.S. college football matchups over the weekend — on top of other news and entertainment disruptions that have already arrived. In the meantime, YouTube TV subscribers who want to watch Disney channels could have little choice other than turning to the company’s own platforms, which come with their own price tags.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
