EconomicGlobal RiskNews Briefs

U.S. Unemployment Claims Total 6.6 Million Last Week

Last week, 6.6 million Americans filed for unemployment claims as efforts to halt the Covid-19 spread result in thousands of businesses and workplaces closing, leaving their employees without an income. In the week ending on April 4, 6.6 million unemployment applications were filed, a slight decrease from the previous week in which 6.9 million filed for the benefits. Before Covid-19 related shutdowns, claims were stable at just 200,000 per week.

Wall Street Journal economists have estimated that an additional 5 million Americans filed for unemployment benefits last week, bringing the number of applications for the last three weeks to almost 15 million. Jobless claims provide temporary financial assistance for those who lose their jobs and risk being unable to pay for necessities and rent. The Labor Department publishes a national compilation of weekly jobless claims on Thursdays.

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