A worker, right, hands out paper unemployment applications after a batch of applications in English were brought in, Tuesday, April 7, 2020, at Babcock Park in Hialeah, Fla. (AP Photo/Wilfredo Lee)
More than 6.6 million people applied for unemployment benefits last week, according to new data from the Department of Labor.
That brings the total number of layoffs since the coronavirus pandemic hit the U.S. economy to 17 million, or 10 percent of the total workforce, in just three weeks.
This is only the latest in a series of historic surges for the unemployment rolls. Two weeks ago, a record-breaking 6.9 million people filed jobless claims. The week before that saw 3.3 million claims, surpassing the former one-week record of 695,000 set in 1982.
One reason for the continued rise in filings is that more people can now apply. The $2.2 trillion stimulus package that Congress passed at the end of last month expanded unemployment insurance to freelancers, independent contractors, and the self-employed.
How this impacts the economy in the long-run is a topic of fierce debate. Economists are projecting unemployment rates of 10 percent to an astonishing 30 percent by this summer.
The unemployment rate for March rose to 4.4 percent, but that doesn't account for the bulk of the economic damage that followed nationwide stay-at-home orders and shutdowns later in the month.
The Federal Reserve followed up the job numbers with the announcement that it would put $2.3 trillion into the economy through new loan programs for small businesses, states, and municipalities.
iFit CEO Kevin Duffy shares how the company is bringing artificial intelligence-powered workouts to consumers, plus other fitness trends to be on the lookout for in 2024.
Macy’s is rejecting a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management, saying they didn’t provide a viable financing plan. The firms offered $21 per share for the stock they don’t already own.
Sports Illustrated's employee union said in a statement that the layoffs would be a significant number and possibly all, of the NewsGuild workers represented.
CEO and founder of Pinstripes Dale Schwartz shares his thoughts on taking the company public, why they're set for growth this year, and why he's not concerned about inflation weighing on the restaurant sector.
With hype continuing to build for A.I. projects, expert insight on what companies seem poised to benefit, plus how it will impact the lives of everyday consumers.
Ford says it’s reducing production of the F-150 Lightning electric pickup vehicle as it adjusts to weaker-than-expected electric vehicle sales growth. The automaker said about 1,400 workers will be impacted by the move.
