U.S. jobless claims surge to record 3.28 million last week as strict measures to contain the coronavirus pandemic threw millions out of work
WASHINGTON - The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as strict measures to contain the coronavirus pandemic brought the country to a sudden halt, unleashing a wave of layoffs that likely ended the longest employment boom in U.S. history.
Economists say the economy is already in recession. Weekly claims are the most timely labor market indicator. With nearly half the country’s population under some form of a lockdown, economists are bracing for further increases in jobless claims. The Labor Department attributed the surge to COVID-19, the respiratory illness caused by the coronavirus. More than 1,000 people in the United States have died from COVID-19, according to a running tally kept by Johns Hopkins University.
The dollar .DXY was trading lower against a basket of currencies. Prices of U.S. Treasuries rose and major U.S. stock indexes opened higher.The pandemic has prompted governors in at least 18 states to order residents to stay mostly indoors. “Non-essential” businesses have also been ordered closed. According to economists, a fifth of the workforce is on some form of lockdown.
Last week’s claims data likely will have no impact on March’s employment report as it falls outside the period during which the government surveyed employers for nonfarm payrolls, which was the week to March 14.
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