U.S. Unemployment Claims Soar Pass 30 Million

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Last week alone 3.8 million Americans filed new jobless claims the Department of Labor reported Thursday, bringing the grand total for the past 6 weeks of unemployment cases to 30.3 million as the coronavirus pandemic has wreaked havoc all across the world.

Death tolls due to the virus have risen to more than the amount of lives lost in the Vietnam war which could lead to the report of the unemployment report that ended on April 25 being an understatement.

Self-employed works have mostly been left out of the count as many states are just now implementing systems to process their claims under the Cares Act.

More than $750 million dollars have been distributed to help states respond to the massive influx in claims that have been filed. The Secretary of Labor Eugene Scalia said in a statement, “As states begin the process of reopening and Americans return to work, today’s unemployment report reflects once again the hardship caused by the coronavirus pandemic.”

Florida reports the largest amount of new claims with nearly 432,465 applications processed last week, with California not to far behind with a estimated total of 328,042 in new claims.

Stephen Moore, an outside economic adviser to President Donald Trump, predicted that the U.S. would continue to see a run of bad unemployment numbers and business failures throughout much of the summer, even as states begin to gradually lift their restrictions.

The coronavirus’ damage to the labor market will be clearer when the Bureau of Labor Statistics releases its monthly employment report for the month of April next week. Economists expect that number to be close to 20 percent.

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