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{"id":37706,"date":"2020-05-29T04:21:32","date_gmt":"2020-05-29T04:21:32","guid":{"rendered":"https:\/\/virusreports.net\/more-than-3-million-americans-filed-for-unemployment-last-week-but-claims-are-falling\/"},"modified":"2020-05-29T04:21:32","modified_gmt":"2020-05-29T04:21:32","slug":"more-than-3-million-americans-filed-for-unemployment-last-week-but-claims-are-falling","status":"publish","type":"post","link":"http:\/\/virusreports.net\/more-than-3-million-americans-filed-for-unemployment-last-week-but-claims-are-falling\/","title":{"rendered":"More than 3 million Americans filed for unemployment last week, but claims are falling"},"content":{"rendered":"<div>\n<div>\n<article>\n<figure data-ads=\"{\"extraWordCount\":50}\">\n<div>\n<p>  <svg style=\"position:absolute;width:0;height:0\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><defs><symbol id=\"player-icon-pause\" viewbox=\"0 0 32 32\"><path d=\"M4 4h10v24h-10zM18 4h10v24h-10z\"><\/path><\/symbol><symbol id=\"player-icon-play\" viewbox=\"0 0 32 32\"><path d=\"M6 4l20 12-20 12z\"><\/path><\/symbol><symbol id=\"player-icon-close\" viewbox=\"0 0 32 32\"><line stroke-width=\"6\" x1=\"3\" x2=\"29\" y1=\"3\" y2=\"29\"><\/line><line stroke-width=\"6\" x1=\"29\" x2=\"3\" y1=\"3\" y2=\"29\"><\/line><\/symbol><symbol id=\"player-icon-fullscreen\" viewbox=\"0 0 32 32\"><path d=\"M32 0h-13l5 5-6 6 3 3 6-6 5 5z\"><\/path><path d=\"M32 32v-13l-5 5-6-6-3 3 6 6-5 5z\"><\/path><path d=\"M0 32h13l-5-5 6-6-3-3-6 6-5-5z\"><\/path><path d=\"M0 0v13l5-5 6 6 3-3-6-6 5-5z\"><\/path><\/symbol><symbol id=\"player-icon-drag\" viewbox=\"0 0 40 55\"><g fill=\"#f5f5f5\"><circle cx=\"5\" cy=\"5\" r=\"5\"><\/circle><circle cx=\"20\" cy=\"5\" r=\"5\"><\/circle><circle cx=\"35\" cy=\"5\" r=\"5\"><\/circle><circle cx=\"5\" cy=\"20\" r=\"5\"><\/circle><circle cx=\"20\" cy=\"20\" r=\"5\"><\/circle><circle cx=\"35\" cy=\"20\" r=\"5\"><\/circle><circle cx=\"5\" cy=\"35\" r=\"5\"><\/circle><circle cx=\"20\" cy=\"35\" r=\"5\"><\/circle><circle cx=\"35\" cy=\"35\" r=\"5\"><\/circle><circle cx=\"5\" cy=\"50\" r=\"5\"><\/circle><circle cx=\"20\" cy=\"50\" r=\"5\"><\/circle><circle cx=\"35\" cy=\"50\" r=\"5\"><\/circle><\/g><\/symbol><\/defs><\/svg><\/p>\n<div data-component=\"draggableFrame\" data-draggable-frame-options=\"{\"pauseOnClose\":true,\"appearAfterClose\":true}\">\n<div data-theme=\"default\">\n<div>\n        <svg><use xlink:href=\"#player-icon-drag\"><\/use><\/svg><\/p>\n<p><span> Another 2.1 million jobless claims filed <\/span><\/p>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/figure>\n<section data-page=\"1\" data-page-hidden=\"0\" data-use-autolinker=\"true\">\n<p>More than 3 million Americans applied for unemployment benefits last week, raising to more than 42 million the number of workers who have lost jobs since the\u00a0<span><a data-invalid-url-rewritten-http=\"\" href=\"https:\/\/www.cbsnews.com\/feature\/coronavirus\/\" target=\"_blank\" rel=\"noopener noreferrer\">coronavirus<\/a><\/span> crippled the economy.<\/p>\n<p>Some 2.1 million people filed for unemployment benefits in the week ending May 23, the Labor Department <a href=\"https:\/\/www.dol.gov\/ui\/data.pdf\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">said<\/a>\u00a0Thursday. Another 1.2 million applied for Pandemic Unemployment Assistance, a new federal program expanding jobless aid to self-employed and gig workers.<\/p>\n<p>&#8220;The U.S. economy is suffering its most traumatic job loss in history, with twice as many Americans put out of work over the last two months than during the entire Great Recession,&#8221; Oxford Economics analysts wrote in a research note. &#8220;Sadly, more pain awaits in May. But labor market conditions should start to improve thereafter as shuttered businesses reopen.&#8221;<\/p>\n<p>Still, there are hints of an economic recovery in the weekly numbers, experts say. The number of initial unemployment claims has been dropping for eight straight weeks. And the number of workers who are receiving unemployment benefits dropped by 3.9 million from May 9 to May 16.<\/p>\n<p>&#8220;The decline in continuing claims is encouraging, signaling at least  some people are finding jobs or are being rehired as the economy is  reopening,&#8221; Rubeela Farooqi of High Frequency Economics told investors in a report.<\/p>\n<p>The hit to the economy has been severe. The U.S. gross domestic product \u2014 the total of all economic activity  \u2014  shrank by 5% in the first quarter, according to a new estimate <a href=\"https:\/\/www.bea.gov\/news\/2020\/gross-domestic-product-1st-quarter-2020-second-estimate-corporate-profits-1st-quarter\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">released<\/a> Thursday by the Commerce Department.<\/p>\n<figure>\n<div><\/div><figcaption><span>Millions of service workers don&#8217;t qualify for unemployment<\/span><\/p>\n<\/figcaption><\/figure>\n<p>The big question on policymakers&#8217; minds is how quickly spending bounces back as businesses reopen, and how many workers who have lost jobs or been furloughed during the coronavirus crash will return to work. About 80% of those who became unemployed in April expect to be <span><a data-invalid-url-rewritten-http=\"\" href=\"https:\/\/www.cbsnews.com\/news\/unemployment-rate-april-worst-month-coronavirus-pandemic-jobs-report\/\" target=\"_blank\" rel=\"noopener noreferrer\">back at their jobs<\/a><\/span> within six months, according to Labor Department figures.\u00a0<\/p>\n<p>However, most economists see the jobs numbers getting worse before they get better. The unemployment rate, currently at 14.7%, is expected to hit Great Depression-era levels of 25% <span><a data-invalid-url-rewritten-http=\"\" href=\"https:\/\/www.cbsnews.com\/news\/unemployment-rate-could-hit-25-percent-goldman-sachs-predicts\/\" target=\"_blank\" rel=\"noopener noreferrer\">later this year<\/a><\/span>, according to Goldman Sachs.<\/p>\n<p><em>The Associated Press contributed to this report.<\/em><\/p>\n<\/section>\n<\/article>\n<\/div><\/div>\n<p><a href=\"https:\/\/www.cbsnews.com\/news\/more-than-3-million-unemployment-claims-jobless-report-coronavirus-pandemic-2020-05-28\/\" class=\"button purchase\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Another 2.1 million jobless claims filed More than 3 million Americans applied for unemployment benefits last week, raising to more than 42 million the number of workers who have lost jobs since the\u00a0coronavirus crippled the economy. Some 2.1 million people filed for unemployment benefits in the week ending May 23, the Labor Department said\u00a0Thursday. Another&hellip;<\/p>\n","protected":false},"author":1,"featured_media":37707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[23],"tags":[553,266],"class_list":{"0":"post-37706","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-americans","9":"tag-million"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>More than 3 million Americans filed for unemployment last week, but claims are falling - Virus Reports<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/virusreports.net\/more-than-3-million-americans-filed-for-unemployment-last-week-but-claims-are-falling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More than 3 million Americans filed for unemployment last week, but claims are falling - Virus Reports\" \/>\n<meta property=\"og:description\" content=\"Another 2.1 million jobless claims filed More than 3 million Americans applied for unemployment benefits last week, raising to more than 42 million the number of workers who have lost jobs since the\u00a0coronavirus crippled the economy. Some 2.1 million people filed for unemployment benefits in the week ending May 23, the Labor Department said\u00a0Thursday. 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