US unemployment claims reach 26m as coronavirus causes huge job losses

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"1">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>More than 4&period;4 million laid-off workers applied for US unemployment benefits last week as job cuts escalated due to the coronavirus pandemic&period;<&sol;p>&NewLine;<p>Roughly 26 million people have filed for jobless aid in the five weeks since the coronavirus outbreak began forcing millions of employers to close their doors&period;<&sol;p>&NewLine;<p>About one in six American workers have lost their jobs in the past five weeks&comma; by far the worst string of lay-offs on record&period; Economists have forecast that the unemployment rate for April could go as high as 20&percnt;&period;<&sol;p>&NewLine;<p>The enormous magnitude of job cuts has plunged the US economy into the worst economic crisis since the Great Depression of the 1930s&period; Some economists say the nation’s output could shrink by twice the amount that it did during the Great Recession&comma; which ended in 2009&period;<&sol;p>&NewLine;<p>The painful economic consequences of the virus-related shutdowns have sparked angry protests in several state capitals from crowds insisting that businesses be allowed to reopen&period;<&sol;p>&NewLine;<p>Thursday’s report&comma; showing that the pace of lay-offs remains immense&comma; could heighten demands for re-openings&period;<&sol;p>&NewLine;<p>Some governors have begun easing restrictions despite warnings from health authorities that it may be too soon to do so without causing new infections&period;<&sol;p>&NewLine;<p>In Georgia&comma; gyms&comma; hair salons and bowling alleys can reopen on Friday&period; Texas has reopened its state parks&period;<&sol;p>&NewLine;<p>The number of people who are receiving unemployment benefits has reached a record 16 million&comma; surpassing a previous high of 12 million set in 2010&comma; just after the 2008-2009 recession ended&period;<&sol;p>&NewLine;<p>This figure reflects people who have managed to navigate the online or telephone application systems in their states&comma; have been approved for benefits and are actually receiving money&period;<&sol;p>&NewLine;<p>In some states&comma; many laid-off workers have run into obstacles in trying to file applications for benefits&period; Among them are millions of freelancers&comma; contractors&comma; gig workers and self-employed people — a category of workers who are now eligible for unemployment benefits for the first time&period;<&sol;p>&NewLine;<p><em>&OpenCurlyDoubleQuote;This has been a really devastating shock for a lot of families and small businesses&comma;”<&sol;em> said Aaron Sojourner&comma; an economist at the University of Minnesota&period; <em>&OpenCurlyDoubleQuote;It is beyond their control and no fault of their own&period;”<&sol;em><&sol;p>&NewLine;<p>In Florida&comma; applications for unemployment benefits nearly tripled last week to 505&comma;000&comma; the second-highest total behind much-larger California’s 534&comma;000&period;<&sol;p>&NewLine;<p>Florida has had trouble processing many of its applications&period; Its figure suggests that the state is finally clearing a backlog of claims from jobless workers&period;<&sol;p>&NewLine;<p>In Michigan&comma; 17&percnt; of the state’s workforce is now receiving unemployment aid&comma; the largest proportion in the country&period; It is followed by Rhode Island at 15&percnt;&comma; Nevada at 13&period;7&percnt; and Georgia at 13&period;6&percnt;&period;<&sol;p>&NewLine;<p>Just about every major industry has absorbed sudden and severe lay-offs&period; Economists at the Federal Reserve estimate that hotels and restaurants have shed the most jobs – 4 million since February 15&period; That is nearly one-third of all the employees in that industry&period;<&sol;p>&NewLine;<p>Construction has shed more than 9&percnt; of its jobs&period; So has a category that includes retail&comma; shipping and utilities&comma; the Fed estimated&period; A category that is made up of data processing and online publishing has cut 4&period;7&percnt;&period;<&sol;p>&NewLine;<p>When the government issues the April jobs report on May 8&comma; economists expect it to show breathtaking losses&period; Economists at JPMorgan are predicting a loss of 25 million jobs&period; That would be nearly triple the total lost during the entire Great Recession period&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed33df65705">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; 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