Jobless claims shatter record
The number eclipsed the previous record of 695,000 set in 1982 and is well above the levels seen in the midst of the 2008 financial crisis, the Labor Department said in its weekly report. The data dates back to 1967.Estimates varied drastically for how high the number of people who applied in mid-March for unemployment benefits would be, ranging from 1 million to 2.25 million Americans who lost their jobs during the period between March 15 and March 21, but economists agreed it would be grim.
"Most historical comparisons of this scale are inadequate," said Glassdoor senior economist Daniel Zhao. "The closest would be natural disasters like major hurricanes. However, as today's report shows, the coronavirus outbreak is economically akin to a major hurricane occurring in every state around the country for weeks on end.
"I expect this number to keep rising as workers heed orders to shelter in place," said Jason Reed, assistant chair and teaching professor of finance at the University of Notre Dame. "Fiscal stimulus will be coming just in time to help millions of Americans weather the storm, but we’re not out of the woods yet. The state of jobless claims and unemployed workers will certainly get worse before it gets better.
Lawmakers are looking to provide relief to laid-off workers with a $2 trillion stimulus package, the largest relief bill in recent memory, that's awaiting approval by the House. In addition to giving adults who earn less than $99,000 annually up to $1,200 cash checks, the bill would expand unemployment benefits.
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