Another 3 million Americans filed for unemployment last week

Another 3 million Americans filed for unemployment last week”

Roughly 185,000 additional workers in MA sought benefits in the first two weeks of the new Pandemic Unemployment Assistance program, according to the state, which will release data for a third week later Thursday.

In the past eight weeks, 826,013 workers have filed initial claims for conventional unemployment insurance, according to U.S. Labor Department figures published Thursday. Georgia in particular saw jobless claims average a almost 5,000% spike versus the week ending March 14.

The number of people filing for jobless benefits for the first time in the week ended May 9 decreased about 200,000 from the previous week, the Labor Department said, but the level was well above what analysts expected and remained far higher than any week prior to the pandemic.

There were more than 433,000 new claims in the last week of April, and more than a half-million new claims in the week before that.

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But some states have been feeling the impact of job losses more than others.

Though the weekly tally is slowing from a March peak of seven million, the latest figures nevertheless exceeded many analysts' expectations.

"With most states only beginning to ease their lockdowns within the last 10 days, we expect a much bigger swing in hiring versus firing over the next couple of weeks, which suggests the unemployment rate will begin to drop back", Ashworth added. The state was among the last in the nation to implement a stay-at-home order and thus, experienced a later spike in unemployment claims. Michigan, Nevada, Pennsylvania, Rhode Island, and Georgia all joined California in topping the list with insured unemployment rates over 20%.

Last week, the Department of Labor said the unemployment rate had risen from 4.4 precent to 14.7 percent.

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