US weekly jobless claims jump by 6.6 million and we’ve now lost 10% of workforce in three weeks
Jobless rolls continued to swell due to the coronavirus shutdown, with 6.6 million Americans filing first-time unemployment claims last week, the Labor Department reported Thursday.
That brings the total claims over the past three weeks to more than 16 million. If you compare those claims to the 151 million people on payrolls in the last monthly employment report, that means the U.S. has lost 10% of the workforce in three weeks.
Moments after the jobless claims report was released, the Federal Reserve announced plans to inject another $2.3 trillion into businesses and revenue-pinched governments. Stock futures jumped after the Fed’s announcement.
The most recent jobless number represents a decline of 261,000 from the previous week, which was revised up by 219,000 to nearly 6.9 million.
The ongoing surge in filings for unemployment insurance has been exacerbated by the expansion of those who can file claim. …continued .
[Source: CNBC News]