Connect With PPD
Follow Us:
Economy

Initial Jobless Claims Soar 3M+ to Historic 3,283,000 for March 21

Coronavirus Crushes Strongest Labor Market in History

The U.S. Labor Department (DOL) reported initial jobless claims rose far more than expected to 3,283,000 for the week ending March 21, attributable to the coronavirus (COVID-19). That’s an increase of 3,001,000 from the previous week’s upwardly revised 282,000.

This is the highest level for initial jobless claims ever on record. Forecasts ranged from a low of 750,000 to a high of 2,737,000. The consensus forecast was 1,000,000.

The 4-week moving average was 998,250, an increase of 765,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 232,250 to 232,500.

Lagging Jobless Claims Data

U.S. initial jobless claims graph on a tablet screen. (Photo: AdobeStock)

The advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.2% for the week ending March 14, though that’s certain to change.

The advance number for seasonally adjusted insured unemployment during the week ending March 14 was 1,803,000, rising 101,000 from the previous week’s revised level.

This is the highest level for insured unemployment since April 14, 2018 when it was 1,824,000. The previous week’s level was revised up 1,000 from 1,701,000 to 1,702,000.

The 4-week moving average was 1,731,000, an increase of 27,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 1,703,250 to 1,703,500.

No state was triggered “on” the Extended Benefits program during the week ending March 7.

The highest insured unemployment rates in the week ending March 7 were in Alaska (2.8), New Jersey (2.6), Connecticut (2.4), Rhode Island (2.3), West Virginia (2.3), Illinois (2.2), Minnesota (2.2), Montana (2.2), Pennsylvania (2.2), and Puerto Rico (2.2).

The largest increases in initial claims for the week ending March 14 were in California (+14,221), Washington (+7,624), Nevada (+4,047), Pennsylvania (+3,212), and Massachusetts (+2,737), while the largest decreases were in Arkansas (-461), Alabama (-341), Puerto Rico (-171), West Virginia (-168), and Maine (-81).

READ FULL STORY

SubscribeSign In
PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

3 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

3 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.