Tuesday, 04 August, 2020

‘Unprecedented’: Unemployment claims in MA skyrocket amid coronavirus outbreak

The package will provide $100 billion of desperately needed resources for hospitals The package will provide $100 billion of desperately needed resources for hospitals
Ginger Lawrence | 26 March, 2020, 23:53

But that staggering leap in joblessness likely understates the full damage the coronavirus outbreak has inflicted on the USA labor market, according to multiple economists. The week prior, 4,016 had filed jobless claims, marking an increase of 36,492 claims in a single week.

The Department of Labor said, "Nearly every state providing comments cited the COVID-19 virus impacts".

Unemployment claims were up unfathomably high last week across the entire country, the New York Times reports, with more than 3.28 million claims made last week, four times higher than had ever been recorded.

The increase can be directly attributed to business closing due to response to coronavirus. But as the pandemic escalates, the government's ability to accurately tally these jobless claims has also been impacted.

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Homegrown OTT platforms including Disney's Hotstar, Times Internet's MX Player and Zee5 will also be working to implement similar measures, TechCrunch reported.

Layoffs are sure to accelerate as the USA economy sinks into what most economists expect to be deep and painful recession.

New unemployment insurance claims soared for the week ending March 21 as Washington state workers stayed home under Gov. Jay Inslee's order. New claims for retail was up 1,189%.

The Department of Labor released the data on Thursday morning, showing there were 15,668 initial claims filed in Nebraska.

We may well be in a recession", adding, "This is a unique situation.