ALL NEWS

6.6 million Americans filed for unemployment benefits last week, a record high

Apr 2, 2020, 6:34 AM | Updated: 7:33 am

Utah Unemployment...

New information from the Utah Department of Workforce Services shows that unemployment claims across the state are up nearly 1,400. Photo:Getty Images

(CNN) — The last three weeks have marked one of the most devastating periods in history for the American job market, as first-time claims for unemployment benefits have surged more than 3,000% since early March.

Businesses continue to lay off and furlough workers amid the coronavirus outbreak.

6.6 million US workers filed for their first week of unemployment benefits in the week ending March 28 — a new historic high.

That was far greater than economists had expected, and more than 3,000% the pre-pandemic levels. Unemployment claims at this level suggest a severe job market decline hardly any American alive has ever seen in their lifetimes.

Claims had been hovering in the low 200,000s each week preceding the coronavirus outbreak.

This “tectonic shift” in the US labor market “implied a real-time unemployment rate of 10.1% at a minimum,” said Joseph Brusuelas, chief economist at RSM.

As companies continue to close their doors and shed workers to limit the spread of coronavirus throughout the population, more workers will need government aid to make ends meet.

Brusuelas said in his view, the Trump administration should work on a next-phase fiscal aid package to “target plugging the holes that are being blown in state and local budgets, in addition to Federal Reserve purchases of state and municipal debt.” The government passed the CARES Act to combat the effects from the coronavirus outbreak last week.

The March jobs report, which is due Friday at 8:30 am ET, is not expected to look quite as dire. The Refinitiv consensus estimate is for a loss of 100,000 jobs, with the unemployment rate inching up to 3.8%, from its historic low of 3.5%.

The March report will be more muted because the survey it is based on concludes around the middle of the month — which was before millions of Americans filed for unemployment benefits for the first time.

— This is a developing story. It will be updated.

The-CNN-Wire
™ & © 2020 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

All News

Power lines are pictured in utah, utah has lower electricity bill than other states...

Tammy Kikuchi

Study shows Utahns pay cheapest electricity bills in the country

Utah residents are paying less for power than any other state. Rocky Mountain Power says they work hard to keep it that way.

7 hours ago

Welcome to Tooele sign is pictured on Saturday, Oct. 10, 2020.A Child was taken to a nearby Hospita...

Derrick Jones

Update: Child hit by a car in Tooele

TOOELE, Utah — A four year old child was hit by a car Thursday afternoon near Spencer’s Field in Tooele. According to Cpt. Colbey Bentley of Tooele City Police Department, the child was injured however is in stable condition. Life flight was originally dispatched, but on-scene medical teams determined that ground transportation to a Salt […]

7 hours ago

FILE: High winds toppled trees that had stood for decades at the Ft. Douglas Post Cemetery, damagin...

Simone Seikaly

Rocky Mountain Power preparing for potentially strong wind storm in Salt Lake

The National Weather Service said wind gusts could reach 65 miles per hour in portions of western Utah valleys on Saturday.

8 hours ago

KSL NewsRadio's Jeff Caplan sits inside a FEMA emergency transmitter....

Amanda Dickson

KSL NewsRadio’s role as “first informers” in any emergency

In the worst-case scenarios and emergencies, KSL NewsRadio will be the first to provide essential information. We're doing it alongside FEMA.

8 hours ago

Welcome to Tooele sign is pictured on Saturday, Oct. 10, 2020.A Child was taken to a nearby Hospita...

Britt Johnson

Tooele Valley Airport to get some major updates

A new master plan for the Tooele Valley Airport will be shared with the public this week.

9 hours ago

FILE: Seen from an aerial view, people pass through razor wire after crossing the U.S.-Mexico borde...

ACACIA CORONADO

Judge blocks Texas law allowing police power to arrest illegal migrants

The ruling is a victory for the Justice Department. It argued that the law signed by Republican Gov. Greg Abbott last year was unconstitutional.

10 hours ago

Sponsored Articles

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

6.6 million Americans filed for unemployment benefits last week, a record high