Another 3 million Americans filed for unemployment last week

Another 3 million Americans filed for unemployment last week

The main drag is quiet in Old Orchard Beach on May 7 just weeks before the summer tourist season starts.

Moreover, the weekly headline jobless claims number does not fully capture the historic stress sweeping the U.S. labour market because it does not include self-employed and gig workers who only became eligible for unemployment benefits under the recently passed congressional virus-aid packages. The PUA program is for gig workers, the self-employed and others who typically do not qualify for unemployment benefits.

All told, about 451,000 people have sought unemployment assistance since the pandemic gripped Colorado two months ago. The pandemic has sharply reduced consumer and business demand, dragging down the overall economy and slowing the pace of any recovery.

White House economic advisor Kevin Hassett said the latest data indicated the recent flood of claims was ebbing.

Between January 2000 and March 2020, MA had never recorded more than 30,000 new claims in a single week.

Those claims fell sharply to 13,421 for the week of April 5 to April 11, ending three weeks of record high unemployment filings. Once the fund runs out, the state expects to borrow money from the federal government, as it did during the Great Recession.

The industries continuing to see the highest number of claims with benefits paid are accommodation and food services, retail trade, and health care and social service. And the governor's decision Thursday to allow many countries to reopen may make room for more jobs to return.

That is pushing the unemployment rate closer to Depression-era levels as well, jumping to 14.7 percent in April with 20.5 million job losses in a single month as governments ordered businesses closed to stop the spread of the virus that has killed more than 84,000 people in the United States. That same week, the unemployment rate spiked to 15.7 percent. That continues a four-year streak of record low unemployment, but the rate is based on labor force information culled during the week of March 12, before new restrictions curtailed economic activity in ME to halt the spread of the coronavirus.

The number of new unemployment claims in MA last week fell below 50,000 for the first time since the coronavirus pandemic shut down large swaths of the economy, according to data released Thursday by the U.S. Employment and Training Administration. Weekly unemployment filings still remain in the millions even as the number of Americans filing has been slowly decreasing. That's almost 1 in 5 American workers, the Associated Press reports.

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