A man looks at the closed sign in front of Illinois Department of Employment Security in Chicago, Wednesday, April 15, 2020. With half-a-million people bounced out of jobs in the past month because of the COVID-19 pandemic, Illinois' unemployment safety net has been stretched to the limit. (AP Photo/Nam Y. Huh)
Another 5.2 million people filed for unemployment in the week ending April 11, according to a U.S. Department of Labor report released Thursday morning.
In any other year, that would be a historic jump, but this is the fourth consecutive week that jobless claims numbered in the multimillions. A total of 22 million have applied for unemployment benefits during that time.
Last week's number is actually a turnaround from the week prior when 6.6 million applied. The drop could be a sign that the trend is starting to slow; some analysts believe that the number will steadily drop in the coming weeks, even as the U.S. continues to see relatively high numbers.
California had the most jobless claims with 660,966, but that represented a fall from 918,814 the prior week. New York saw its number continue to rise with 395,949 claims, an increase from 344,451.
Before the coronavirus put the economy on lockdown, the one-week national record for jobless claims had been 695,000 in 1982.
Unlike the Great Recession, which saw layoffs trickle in over a longer period, the nature of the coronavirus shutdown has led to an immediate spike in unemployment.
The most optimistic economists are hoping the situation can be reversed just as quickly, once governors begin to steadily reopen the economy, but many experts believe the recovery will take time.
In the meantime, states are struggling to keep up with the massive waves of claims. State unemployment funds are being strained, with a number set to run out in the next few months.
NBA champion Kendrick Perkins and Edly founder Chris Ricciardi discuss working together to create Nilly, a new platform where fans can invest in name, image, and likeness deals of their favorite college athletes.
Off the back of their latest earnings results, Hungryroot CEO Ben McKean discusses how the company is bringing healthy food straight to customers' doors and how it's using A.I.
Jack Ablin, Cresset Capital founding partner and CIO, breaks down the current market, from all eyes on Nvidia’s earnings to what sectors he’s seen deliver excellent returns.
Alberto Perlman, CEO of Zumba, shares what users can find on its new app, the demand for in-person fitness classes, and the secret to remaining a go-to exercise brand for decades.
Jamie Meyers, Senior Securities Analyst from Laffer Tengler Investments, discusses why he believes the rally will widen to small cap stocks and how the latest economic data is impacting his strategy.
