Last week, 6.6 million filed for benefits.
On Thursday, the Labor Department reported the number of workers claiming new unemployment benefits jumped by 6.6 million last week. Slowing the spread of the coronavirus has spurred layoffs in an unprecedented scale. Economists had projected that between 2.5 million and 7.5 million jobs would be lost last week.
So far, over 15 million people have lost their job in the last three weeks.
Forecasters now predict that up to 20 million workers could file for unemployment benefits for the entire month of April.
Business owners are concerned that the Payroll Protection Program available to small businesses are being hung up in bureaucratic “snafus” and the funds are slow in coming. In addition, relief payments to individuals have yet to be made by the federal government.
As the Lord Leads, Pray with Us…
- For Americans who have lost their jobs as a result of the coronavirus business shutdowns created by the coronavirus.
- For the government and banks to resolve the issues that have resulted in slow relief for payroll protection.
Sources: Wall Street Journal, CNBC, Washington Examiner
