U.S. Jobless Claims Continue To Rise Past 40 Million

Share

Before the coronavirus crisis, the USA never recorded a single week of 1 million jobless claims.

The statewide average jobless rate for April is 14.7 percent, up more than 11 percent from the March reading. The program allows unemployed citizens, such as freelancers and gig workers, who can not apply for regular unemployment benefits, to apply for government benefits.

Another 1.2 million people applied for unemployment benefits under a temporary program for people who are typically ineligible for unemployment, such as self-employed workers.

The Tennessee Department of Labor has released county-level unemployment numbers for the month of April, and the new figures are mind-boggling.

Unemployment in Onondaga County reached 16.1%, records show.

India registers another biggest single-day spike in COVID-19 cases
The country reported another 6,977 cases, taking its total to 138,845, despite the world's longest lockdown imposed in March. Maharashtra with 50,231 cases is the worst-affected state by the disease, followed by Gujarat with 14,056 cases.

Of the $4.3 billion in payments, $1.6 billion has come from the state, while $2.5 billion came as part of federal pandemic unemployment compensation.

Why it matters: Even as states reopen their economies, the number of newly filed unemployment applications remains historically high as the pandemic slams the labor market. Unemployment insurance benefit payments totaled more than $48.8 million for the same week. Unemployment reached 25% during the Great Depression.

Around 40 percent of all workers could earn more while unemployed than by returning to their previous job, according to a recent study by the University of Wisconsin-Madison.

And South Korea reported dozens of new cases, all in the densely populated Seoul metro area, as officials scramble to stem transmissions linked to a massive e-commerce warehouse and avoid losing some of the hard-won gains that made it a model for the rest of the world.

Worldwide, the virus has infected more than 5.7 million people and killed over 355,000, with the US having the most confirmed cases and deaths, according to a tally by Johns Hopkins University. Europe has recorded about 170,000 deaths.

Share