Another 2.4M Workers File First-Time Jobless Claims

Another 2.4M Workers File First-Time Jobless Claims

Another 2.4M Workers File First-Time Jobless Claims

The implementation of Pandemic Unemployment Assistance, or PUA, a federal program that provides benefits to self-employed people, contractors and other workers who are not typically eligible for unemployment assistance, has generated multiple claims from some people.

More than 2.4 million people applied for USA unemployment benefits last week in the latest wave of layoffs from the viral outbreak that triggered widespread business shutdowns two months ago and sent the economy into a deep recession.

It's a drop from the previous week where more than 69,000 people filed for unemployment.

The wave of joblessness struck in tandem with the coronavirus pandemic, with the Labor Department reporting more than 1.6 billion claims as of April 25, a number which has only risen throughout the month of May.

The state paid out $88.8 million in regular unemployment benefits last week - a $7.2 million drop from the week before, when the state paid out a record $96 million.

While the weekly totals of initial jobless claims has fallen steadily since late March, the seasonally adjusted numbers have remained high as overwhelmed states slogged through large backlogs of applications.

Economists polled by Reuters had forecast claims would total 2.4 million in the latest week.

New York City's unemployment rate rose over the month from 4.1% to 14.2%.

The state lost almost 1.8 million private-sector jobs in April, a 21% drop from March. The United States unemployment rate in April 2020 is 10.3 percentage points higher than March 2020. 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). In the USA, there were 1.53 million cases and 92,000 deaths. Continuing claims on that basis totaled 22.9 million for the week ended May 9, following 20.9 million. The fix was reflected in Thursday's report.

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