Jobless claims jump by 70,000 as virus starts to take hold
Source: AP
By MARTIN CRUTSINGER
WASHINGTON (AP) — The number of Americans filing new claims for unemployment benefits surged last week by 70,000, indicating that the impact of the coronavirus was starting to be felt in rising layoffs in the job market.
The Labor Department reported Thursday that applications for benefits, a good proxy for layoffs, rose by 70,000 to a seasonally adjusted 281,000 last week.
Both the one-week rise and the total number of applications were far above the levels seen over the past year as the country’s unemployment rate fell to a half-century low of 3.5%.
Economists are predicting a surge in layoffs as efforts to contain the spreading coronavirus result in people losing jobs in a variety of industries from restaurants and bars to airlines and hotels.
Visitors to the Department of Labor are turned away at the door by personnel due to closures over coronavirus concerns, Wednesday, March 18, 2020, in New York. Applications for jobless benefits are surging in some states as coronavirus concerns shake the U.S. economy. The sharp increase comes as governments have ordered millions of workers, students and shoppers to stay home as a precaution against spreading the virus that causes the COVID-19 disease. (AP Photo/John Minchillo)
Read more: https://apnews.com/08b3cacd9fa24771a8c352356494a20d
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