Americans file 2.4 million jobless claims

US weekly jobless claims expected to climb by 2.4 million despite easing of lockdown measures

This comes as a new study finds Kentucky is one of the most affected states when it comes to an increase in unemployment claims.

Continuing claims (which lag behind initial jobless claims data by one week) are anticipated to total 23.5 million for the week ending May 9, after a record 22.83 million in the previous week.

Claims have been gradually declining since hitting a record 6.867 million in the week ended March 28. The official first phase of a gradual reopening of the state's economy is to begin June 1.

Another $132.4 in federal money has been paid out to PUA recipients since April 20, and $700 million in Pandemic Unemployment Compensation (PUC) - the $600 a week federal program for people receiving regular or PUA benefits - has been paid out as well. Florida had 221,000 claims, California 214,000, and NY roughly 200,000.

Jobless claims have reached into the millions on a weekly basis since mid-March, underscoring the depth and breadth of job losses.

Layoffs fueled by the coronavirus pandemic continue to mount.

Unemployment is expected to remain elevated through the end of next year, and Federal Reserve Chairman Jerome Powell told lawmakers earlier this week that longer-term joblessness risks extended damage to the economy.

A separate report Thursday showed USA sales of previously owned homes fell in April by the most since mid-2010.

The enormous influx of claims has overwhelmed state unemployment offices.

Pennsylvania's unemployment rate more than doubled to 15.1% in April, up from 5.8% in March, the department said.

Across the country, almost 39 million Americans have found themselves out of work since mid-March.

On an non-seasonally adjusted basis, initial claims were 2.17 million last week, following 2.36 million the prior week.

The implementation of Pandemic Unemployment Assistance, or PUA, a federal program that provides benefits to self-employed people, contractors and other workers who are not typically eligible for unemployment assistance, has generated multiple claims from some people. The fix was reflected in Thursday's report.



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