U.S. unemployment rolls seen swelling as coronavirus restrictions bite

  • Millions more Americans likely sought unemployment benefits last week, suggesting a broadening of layoffs from consumer facing industries to other segments of the economy and could remain elevated even as many parts of the country start to reopen.
  • Initial claims for state unemployment benefits likely totaled a seasonally adjusted 3.0 million for the week ended May 2, according to a Reuters survey of economists. That would be down from 3.839 million in the prior week and mark the fifth straight weekly decrease in applications since hitting a record 6.867 million in the week ended March 28.
  • Last week’s filings would lift the number of people who filed claims for unemployment benefits to about 33.3 million since March 21, roughly 22% of the working age population.

(Source: Reuters)