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With 3 Million New Unemployment Claims This Week, 36.5 Million Americans Have Filed For Jobless Benefits In Just 8 Weeks
Nearly three million Americans applied for unemployment benefits last week, growing the eight-week total to almost 36.5 million insurance claims due to the coronavirus.
Unemployment Insurance Weekly Claims
Initial claims were 2,981,000 for the week ending 5/9 (-195,000).
Insured unemployment was 22,833,000 for the week ending 5/2 (+456,000).https://t.co/ys7Eg5LKAW
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The Labor Department released the historically high weekly figures Thursday.
Weekly Unemployed Insurance Claims (Seasonally Adjusted)
| Week # | Date | In Real Time | In Thousands | Change From Prior Week | 4 Week Average | |
|---|---|---|---|---|---|---|
| 1 | 03/21/2020 | 3,307,000 | 3,307 | 3,025 | 1,004.25 | |
| 2 | 03/28/2020 | 6,867,000 | 6,867 | 3,560 | 2,666.75 | |
| 3 | 04/04/2020 | 6,615,000 | 6,615 | -252 | 4,267.75 | |
| 4 | 04/11/2020 | 5,237,000 | 5,237 | -1,378 | 5,506.50 | |
| 5 | 04/18/2020 | 4,442,000 | 4,442 | -795 | 5,790.25 | |
| 6 | 04/25/2020 | 3,867,000 | 3,867 | -575 | 5,040.25 | |
| 7 | 05/02/2020 | 3,176,000 | 3,176 | -691 | 4,180.50 | |
| 8 | 05/09/2020 | 2,981,000 | 2,981 | -195 | 3,616.50 |
Still, unemployment filings have declined since an initial surge in furloughs and layoffs during late March drove weekly claims up to an apex of almost seven million in one week.
“The numbers are very high, but they’re stepping down every week,” said Keith Hall, former chief economist for the Council of Economic Advisers.
Last week, stocks also rallied after the figures diminished again this week as states moved to open their economies.
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