Economists expect yet another week where millions of Americans filed for unemployment benefits
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.The median economist estimate for US jobless claims in the week ending April 11 is 4.5 million, according to Bloomberg data. The report will be released Thursday by the Labor Department.
Still, another week of millions of Americans filing for benefits shows the damage that the coronavirus pandemic and lockdowns to curb the spread of the disease has had on the US economy. Economists are anticipating that a Thursday report from the Labor Department will once again show that millions of Americans filed for unemployment claims in the week ending April 18, as coronavirus layoffs persist.
who filed for unemployment benefits in the previous week, marking the third report in a row to show a decline in claims. Even if there is a declining trend in the reports, 4.5 million filing for unemployment in one week is a staggering number that shows just how widespread the economic fallout is from the coronavirus-induced lockdown in the US. "It's been humbling to try to predict unemployment claims," Jason Thomas, chief economist at AssetMark, told Business Insider.
Going forward, economists expect that the April unemployment rate will skyrocket when data is released in May. The jump in claims through April 11 would raise the unemployment rate to 15.7%, according to the Economic Policy Institute.
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