No End in Sight as 3 Million More Americans File Jobless Claims

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It's not quite as ugly out there, but it's still ugly.

Two months into a full-blown economic crisis sparked by worst health pandemic in more than a century, nearly 3 million Americans filed for jobless benefits last week, pushing total jobless claims past the 36-million mark.

Some 2.98 million U.S. workers filed jobless claims last week, the Labor Department reported on Thursday, even as parts of the U.S. economy slowly began to reopen after more than two months of being shuttered amid the coronavirus pandemic.

Economists polled by FactSet had been expecting 2.5 million claims up to last Saturday, down from the previous week’s tally of 3.2 million. Continuing jobless claims rang in at 22.8 million, still the highest on record.

Over the past eight weeks 36.5 million Americans have filed for jobless benefits.

"There is a light, albeit very dim, at the end of the tunnel," said E*TRADE Financial Managing Director of Investment Strategy Mike Loewengart. 

"That said, we shouldn’t be too enthusiastic as continuing claims came in higher and there are major structural issues at hand: a decade’s worth of labor market prosperity evaporated in the blink of an eye."

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