WRAPUP 1-Millions of Americans likely applied for jobless benefits last week though wave is stabilizing [Reuters]
Walmart Inc. (WMT)
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Source: Reuters
Millions of Americans likely applied for jobless benefits last week though wave is stabilizing WASHINGTON (Reuters) - Millions more Americans likely filed claims for unemployment benefits last week, but the tide appears to be slowing, offering cautious hope of a peak in job losses from business closures and disruptions because of the novel coronavirus. The Labor Department’s weekly jobless claims report on Thursday will follow news on Wednesday that the economy in the first quarter suffered its sharpest contraction since the Great Recession. This ended the longest expansion in the United States’ history as the economy reels from nationwide lockdowns to slow the spread of COVID-19, the respiratory illness caused by the virus. Jobless benefit applications, since hitting a record 6.867 million in the week ended March 28, have been trending lower as overwhelmed state employment offices cleared backlogs. But the numbers are still at high levels unimaginable just months ago. Initial claims
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