Unemployment Claims Report Shocker – Over 3 Million People Filed Initial Jobless Claims According to the U.S. Department of Labor
Analysts were expecting today’s U.S. unemployment claims report to highlight the breadth of the economic deceleration that has gripped the country amid expanding lockdowns and shuttering of businesses to combat the spread of the coronavirus (COVID-19) disease. Well, the pertinent report was released just moments ago by the United States Department of Labor and it certainly did not disappoint expectations.
As per the Labor Department’s tabulation in the weekly jobless claims report, 3,283,000 people in the United States filed for initial unemployment benefits in the week that ended on the 21st of March 2020, as opposed to a Reuters survey forecast of 1 million initial claims. This contrasts sharply with the previous reading of 281,000 for the week that ended on the 14th of March 2020.