A record-breaking number of Americans filed for unemployment benefits over the past five weeks, revealing another devastating toll of the coronavirus pandemic.
Companies faced with dwindling customers and revenue began laying off and furloughing employees. And economists say claims will keep mounting as the economy continues to sputter, cash-strapped local governments start to cut jobs, and gig workers apply for relief they could not have received in the past.
Morgan Stanley had predicted that a slightly lower number of 3.8 million jobless claims were filed last week, adding that applications"have moved past the peak more visibly now, but the cumulative number is still rising significantly.'' Jobless claims may also continue to swell because the $2.2 trillion federal emergency stimulus package approved in March expanded the number of people who are eligible for unemployment benefits, including those who’ve gone from full-time to part-time work.
"Assuming the lion's share of that increase is the result of COVID-19 means that most of those workers are newly eligible for benefits,'' he wrote."This is just the tip of the iceberg since overall job losses in April could be 10 to 20 times larger than those in March.''
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