Even as an increasing number of states have begun reopening their economies across the country, the COVID-19 pandemic is largely expected to have continued to wreak havoc on employment in the USA last week.
Millions more Americans are expected to have filed for unemployment benefits as the pandemic continues to wreck the economy, with the total number of USA jobless claims over the past two months predicted at almost 39 million.
"The 4-week moving average was 3,042,000, a decrease of 501,000 from the previous week's revised average".
Another 2.43 million U.S. workers were put out of work last week amid the coronavirus pandemic, according to government data Thursday, bringing the total since mid-March to a massive 38.6 million.
The median estimate in a Bloomberg survey of economists called for 2.4 million claims in the latest week.
Claims have been gradually declining since hitting a record 6.867 million in the week ending March 28.
In the week ending May 9, Georgia reported the highest number of jobless claims at an estimated 241,000 on an unadjusted basis, up from 228,000 in the previous week. NY had 227,000, up from 199,000. The jobless claims report, the most timely data on the economy's health, could offer early clues on how quickly businesses rehire workers as they reopen and on the success of the government's Paycheck Protection Program (PPP).
"The sharp rise in continuing claims the week before illustrates that the easing of lockdowns in many states has not yet resulted in any large-scale recall to work for those now on temporary layoff", Capital Economics said in a note Thursday. This reading came in slightly worse than the market expectation of 2.4 million.
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