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.
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
U.S. sports betting is booming as NFL and college football fuel massive activity. BetMGM CEO Adam Greenblatt breaks down trends, growth, and what’s next.
President Donald Trump says a deal struck by Netflix last week to buy Warner Bros. Discovery “could be a problem” because of the size of the combined market share. The Republican president says he will be involved in the decision about whether federal regulators should approve the deal. Trump commented Sunday when he was asked about the deal as he walked the red carpet at the Kennedy Center Honors. The $72 billion deal would bring together two of the biggest players in television and film and potentially reshape the entertainment industry.
Disney's changes to a program for disabled visitors are facing challenges in federal court and through a shareholder proposal. The Disability Access Service program, which allows disabled visitors to skip long lines, was overhauled last year. Disney now mostly limits the program to those with developmental disabilities like autism who have difficulty waiting in lines. The changes have sparked criticism from some disability advocates. A shareholder proposal submitted by disability advocates calls for an independent review of Disney's disability policies. Disney plans to block this proposal, claiming it's misleading. It's the latest struggle by Disney to accommodate disabled visitors while stopping past abuses by some theme park guests.
