US weekly jobless claims surge to record 3.28 million as Covid-19 lockdown weighs on

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US weekly jobless claims surge to record 3.28 million as Covid-19 lockdown weighs on

On Thursday, the 26th of March 2020, US unemployment data released from the Labour Department had stunned the a gauge of global Labour organizations including the ILO, as the number of American citizens filing for unemployment benefits for the first time in their lives had surged to a record 3.28 million last week following stiffer lockdown measures in a slew of US states to slow down the spread of the coronavirus pandemic which appeared to have brought down the world’s No.

1 economy to its knees. More importantly, the latest weekly jobless claim data revealed by the US Labour Department on Thursday (March 26th) had been the steepest evidence of the catastrophic impact of coronavirus pandemic on to the US economy, which in effect had prompted the US Federal Reserve to incline some of the most extraordinary steps in decades and the US Senate to unfurl a record $2 trillion package in fiscal aid.

Meanwhile, as several analysts said the US economy had already entered in to a recession, US Labour Department’s Thursday’s (March 26th) data had revealed that the initial claims for unemployment benefits rose to a seasonally adjusted 3.28 million during the week that ended on March 21st, breaking off the previous record of 695,000 scored back in the 1982s and beating an analysts’ forecast of a rise of 1 million.

On top of that, casting further pessimism on US job data, Chief US economist at Oxford Economics in New York, Gregory Daco said followed by the reveal of Thursday’s (March 26th) job data, “With partial lockdowns across the country leading to a sudden stop in economic activity, the U.S.

economy will experience the largest economic contraction on record with the most severe surge in unemployment ever. We expect jobless claims will continue to climb as more economic activity shuts down. ”