Unemployment claims continue to surge during the coronavirus pandemic.
The total brings the rolling six-week figure to 30.3 million.US weekly jobless claims climb by 3.84 million, bringing total to 30 million over the last 6 weeks
Last week's initially reported figure was revised up by 15,000 to 4.4 million, meaning that the most recent total is a decrease of 603,000.The four-week moving average, which smooths volatility, jumped to 13.3 million, an increase of 3.7 million from the previous week's average. Filings continue at a high pace as the government has expanded the list of those eligible for benefits and amid continued difficulties at state offices for claims filers. The Economic Policy Institute earlier this week estimated that the current claims level probably undercounts by as much as 12 million those who are eligible for benefits but not getting them due to the inability to file or other roadblocks.
Troubles in the labor market are reflective of a larger slump in economic activity that only recently has been reflected in data. Gross domestic product contracted 4.8% in the first quarter, according to a government report Wednesday that is expected to look much worse when the final revisions are in and only begins to show how much damage has been done.
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