The CCP Virus pandemic continues to impact the number of initial jobless claims and its impact is also reflected in the increasing levels of insured unemployment, the Labor Department said Thursday, April 9.
Roughly 6.61 million Americans filed new applications for unemployment benefits in the week ending April 4, a decrease of 261,000 from the previous week’s revised level, the department reported.
The previous week’s initial jobless claims were revised up by 219,000 to a record high of 6.87 million.
Those numbers bring the total claims over the past three weeks to more than 16 million, meaning the United States has lost 10% of its workforce in three weeks if comparing those claims to the 151 million people on payrolls in the last monthly employment report, according to CNBC.
According to the Labor Department, the jobless claims were heavily concentrated in the services industries, particularly accommodation and food services.
California and New York, which are among the hardest hit from the CCP Virus pandemic, saw the largest increase in jobless claims last week. California saw a large number of layoffs in the services industries, while New York found a majority of layoffs in the accommodation and food services, retail trade, and health care and social assistance industries.
Americans have been filing record new jobless claims as businesses across the United States have shut down amid a policy of social distancing aimed at keeping the CCP Virus in check.
The Federal Reserve (Fed) on Thursday announced a plan to pump another $2.3 trillion to steer the U.S. economy through a CCP Virus-driven recession.
The latest tranche from the U.S. central bank will include $600 billion to purchase loans to small and midsize businesses, $500 billion to buy state municipal bonds and billions more to bolster the Fed’s ongoing purchases of Treasuries, corporate, consumer, and municipal securities.