Saturday, 04 April 2020
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
A Record 3.28 Million Americans Applied for Unemployment Benefits Last Week Due to Coronavirus

The number of Americans who applied for unemployment benefits last week rocketed to a record 3.28 million as large parts of the U.S. economy shut down and companies laid off scores of workers to cope with the coronavirus pandemic.

The seasonally adjusted increase in initial jobless claims from March 15 to March 21 was the largest ever, easily crushing the previous record of 695,000 in 1982. Just a few weeks ago, new claims hovered in the low 200,000s and stood near a 50-year low

The sudden and almost unfathomable surge in claims is likely just the beginning. Waves of fresh layoffs are expected with many states ordering nonessential businesses to close.

Economists were bracing for a terrible number. Economists polled by MarketWatch had forecast a 2.5 million increase.

The actual or unadjusted number of new claims, meanwhile, was 2.9 million, according to new figures released Thursday by the Labor Department.

Source : Marketwatch

RELATED NEWS
U.S. Shed 701,000 Jobs in March in Foretaste of Worse to Come...
Friday, 3 April 2020 19:48 WIB

The U.S. economy shed 701,000 jobs in the month to mid-March, the government said in a monthly labor market report that largely predates any impact from the Covid-19 pandemic on the U.S. economy. The...

U.S. Initial Jobless Claims Leap to Record 6.65 Million...
Thursday, 2 April 2020 19:52 WIB

The number of Americans applying for initial unemployment benefits surged to a new record 6.65 million last week, the U.S. Labor Department said on Thursday, as the full impact of the fallout from the...

U.S. Factory Activity Contracts In March; Orders Tumble To 11-Year Low...
Wednesday, 1 April 2020 21:30 WIB

U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists...

U.S. Private Sector Sheds 27,000 Jobs in March: ADP...
Wednesday, 1 April 2020 19:43 WIB

The U.S. private sector shed 27,000 jobs in March, according to a report by payrolls processor ADP, before the worst of the impact of the coronavirus pandemic on the U.S. labor market was seen. Econo...

Consumer Confidence Sinks In March To A 32-Month Low...
Tuesday, 31 March 2020 21:25 WIB

Consumers started to rapidly lose confidence in the economy in March as a deadly coronavirus spread, a new survey shows, and it™s likely to plunge a lot more in the month ahead as millions are throw...

LATEST NEWS
Hong Kong Stocks Head Into Weekend With a Loss (Review)

Hong Kong shares finished Friday with losses, in line with an Asia-wide sell-off, after data showed a massive 6.7 million Americans last week applied for unemployment benefits as the coronavirus shatters the global economy. The Hang Seng Index...

Dow closes more than 350 points lower as job losses hit an 11 year high

U.S. stocks closed lower Friday as investors assessed the economic damage wrought by the coronavirus epidemic, after the Labor Department reported the U.S. economy lost more than 700,000 jobs in March, and that the unemployment rate rose to a near...

U.S. oil prices climb by nearly 32% for the week

Oil futures climbed on Friday, with U.S. prices tallying a weekly gain of almost 32%. Prices extended their Thursday rally on growing expectations that major oil producers will reach an agreement to significantly cut production levels as efforts to...

POPULAR NEWS
Gold Down 4th Straight Session as Traders Cast a Wary Eye on Economic Data Amid Coronavirus Spread
Thursday, 2 April 2020 01:46 WIB

Gold futures on Wednesday started the month with a loss, stretching their decline to a fourth straight session, as traders cast a wary eye on the...

Gold Futures End Higher as Weekly Jobless Claims Climb to Record
Friday, 3 April 2020 01:29 WIB

Gold futures ended higher on Thursday, with the haven metal getting a boost on the heels of a climb in U.S. weekly jobless claims to a record 6.6...

Gold Attempts To Bounce Higher To Start April, Second Quarter Amid Coronavirus Spread
Wednesday, 1 April 2020 20:22 WIB

Gold futures were attempting to regain some traction higher on Wednesday to start the new month and quarter, amid expectations of increasingly poor...

Gold Prices Up Amid Fears of Unending Economic Turbulence
Thursday, 2 April 2020 09:33 WIB

Gold prices in Asia were up on Thursday as investors prepare for continuous economic turbulence. Gold futures were up by 0.41% at $1,598 by 10:21...