CNBC's Steve Liesman breaks down the latest jobless numbers and which states are being hit hardest. Jobless claim filings continued at a historically unprecedented pace last week with 4.4 million new signups for unemployment insurance, bringing the total of the past five weeks to 26.4 million, the Labor Department said Thursday.
The number represented a decline of 810,000 from the previous week, but the five-week total has now surpassed all of the job gains since the Great Recession.
Economists surveyed by Dow Jones had expected 4.3 million new claims.
“Another horrendous number, but at least the trajectory is clearly downwards,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
The insured unemployment rate, which compares those current receiving benefits to the size of the labor force, rose to 11% — a jump of 2.8% from the previous week. That translates to “a barely believable” 23% when the Labor Department releases its unemployment rate calculation in two weeks, according to Paul Ashworth, chief U.S. economist at Capital Economics. The previous high for the U.S. was 24.9% during the Great Depression.
With virtually all other economic indicators pointing to the worst downturn since the Great Depression, jobless claims are seen as the most current way of measuring how deeply conditions have been impacted by social distancing associated with the coronavirus.
The surge comes amid a six-week shutdown of the economy governors and local officials are looking to restart activity.
″“We are facing an unforeseen enemy and today’s report continues to show that these are challenging times for many Americans who want to get back to work. Because of President Trump’s leadership and the American people’s commitment to slow the spread, we are on a data-driven, responsible path to opening up America again,” White House spokesman Judd Deere said. “As we begin the phased approach, the Administration continues to move quickly to provide the benefits under the CARES Act that workers, families, and small businesses across the country need.”
The total is far worse than anything the U.S. has seen before, with the previous one-week peak of 695,000 dating to October 1982.
For access to live and exclusive video from CNBC subscribe to CNBC PRO:
» Subscribe to CNBC TV:
» Subscribe to CNBC:
» Subscribe to CNBC Classic:
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
Connect with CNBC News Online
Get the latest news:
Follow CNBC on LinkedIn:
Follow CNBC News on Facebook:
Follow CNBC News on Twitter:
Follow CNBC News on Instagram:
#CNBC
#CNBC TV
![How to STAND During God's FINAL JUDGMENT! [LIVE SERVICE]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_uXpH_ojEizvy4V4bKXsYXwI2myNW-uLVxPfAO1Wj_8KLzAeMNsyB0J_IPCfk5rxOdlKcI19DnDi2aVpCAfQJRciJLGLSugInj3fIpJsiQeZcqzhA=w680)
0 Comments