The jobless claims surged to 6.6 million for the week ended March 28.continues to take a toll on the American labor market with jobless claims hitting a record high for the second week in a row. The US Labor Department on Thursday reported that
The surge comes after coronavirus outbreak. Many states reported layoffs in the food services and retail industries, as well as manufacturing, transportation and other areas impacted by the COVID-19 outbreak.filed for unemployment benefits two weeks ago as businesses closed and some cities and states issued stay-at-home orders in an attempt to slow the spread of the
COVID-19, the disease caused by a newly identified coronavirus, has rapidly spread across the globe. The World Health Organization on March 11 declared the outbreak a pandemic, saying it expected to see the number of cases and deaths continue climbing. As of Thursday, there were more than 216,000 cases of coronavirus in the US.
Congress last week passed a $2 trillion economic stimulus package that aims to help lessen the economic blow caused by the coronavirus pandemic. In addition to payments of up to $1,200 for qualifying individuals, the new economic stimulus law includes help for the unemployed and those with student loans knocked back by the COVID-19 disease, as well financial support for small businesses.