The number of workers filing for unemployment claims could again top 5 million for the week ended April 11, but the filings may also be peaking.
Economists expect a fourth week of claims in the multi-millions, the result of the abrupt shutdown of the economy that started in the second half of March to stop the spread of coronavirus. In the prior three weeks, the number of claims totaled 16.8 million.
The stay-at-home orders and unprecedented shutdown of business activity hit the leisure and entertainment industry and retail workers hard, as restaurants, stores and other venues where crowds gather were closed to prevent the spread of the virus. "That would give us 23 million. We've got a little more go. We're probably three-quarters of the way there," said Zandi.
Economists expect job losses of as much as 20 million or more when the April employment report is released in early May. In March, there was a decline of 701,000 nonfarm payrolls. They also expect unemployment could reach the high teens, from 4.4% in March and 3.5% in February.of the month, is the week that the government takes its survey for the monthly jobs report. Claims data for this week, which ends Saturday, will be released a week from Thursday.
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