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U.S. Initial Jobless Claims Increase to 281,000, Highest Since 2017

Published 03/19/2020, 08:21 AM
Updated 03/19/2020, 08:32 AM
© Reuters.

© Reuters.

By Noreen Burke

Investing.com - The number of Americans applying for initial unemployment benefits rose more than expected to 281,000 in the latest week from a revised 211,000 the previous week, the U.S. Labor Department said on Thursday, indicating that the coronavirus pandemic is starting to disrupt the U.S. labor market.

According to Investing.com, the consensus forecast had been for an increase to 220,000.

The four-week moving average of initial claims, considered a more stable measure of the labor market trends as it filters out week-to-week volatility, rose to 232,250.

The report also showed the number of people already receiving benefits ticked up to 1.701 million.

The Labor Department said in its report that the increase in initial claims are clearly attributable to impacts from the COVID-19 virus.

"A number of states specifically cited COVID-19 related layoffs, while many states reported increased layoffs in service related industries broadly and in the accommodation and food services industries specifically, as well as in the transportation and warehousing industry, whether COVID-19 was identified directly or not," the report said.

Latest comments

Always the weakest links dragging the society
wait until GDP figures come out
let's hope the market crashes by twice as much! at least!!!
living in a false dream its not healthy
Did anyone with a brain expect different?
Too many brain less around at the moment.
tip of iceberg...
Better than I expected.
Most americans cant effectively survive a 1 month "event"
Chinese factories are already ramping back up. This is a two month event.
After a 2 month total lockdown. Doesn't look like millennials will accept that here
it's not a 2 month event...Trump was handed a report 18 months with multiple waves and up to 20% unemployment. This will be a problem until an effective treatment or vaccine is developed!
Expected
headed to 20-30% sustained unemployment.
Sustained? I'm a pecimist, but I'd need an explanation for that.
agree!! it justonly the beginnin
It just only the beginning.
Here we go. So sad
Oh my oh my its going to keep growing rip before we know it 400k will be jobless
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