A record 6.65 million Americans filed first-time jobless claims last week, the Labor Department said.
For the second straight week, millions of new layoffs underscored the staggering toll the coronavirus pandemic is taking on America’s workers.
Economists surveyed by Bloomberg estimated that 3.5 million Americans filed initial claims last week. The applications represent the nation’s most accurate gauge of layoffs and furloughs. Accommodation and food services continued to lead the industries pummeled by layoffs, followed by health care and manufacturing, Labor said. More sectors are starting to be affected as a growing number of states cite retail and wholesale trade and construction.
“It's frustrating because I’ve now been out of a job for three weeks,” she says. “I actually had to pull money from a 401 I had from five years ago.”Which states will be hit hardest by coronavirus-related job losses? See the list. In contrast to other recessions, the job cuts are the result of a calculated halt to economic activity. Thirty-six states issued stay-at-home orders affecting 86% of Americans and shutting down restaurants, stores, hair salons, movie theaters and other nonessential businesses to stem the spread of the virus. More states could follow, intensifying layoffs in parts of the country now feeling more subdued effects.
The $2.2 trillion stimulus bill, which Congress passed late last week, expanded eligibility for unemployment benefits to contractors and the self-employed. Many of those gig workers could have applied in anticipation of the bill’s passage, Bank of America says.Which states will be hit hardest by coronavirus-related job losses? See the list.
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