WASHINGTON–Another 5.2 million American workers filed for their first week of unemployment benefits last week, according to the US Department of Labor, bringing the total number of Americans who have filed initial jobless claims since March 14 to around 22 million, or roughly 13.5% of the labor force.
The claims made during those four weeks mark the largest and most dramatic rise in claims on record since the Labor Department started tracking the data in 1967. In the Great Recession, for example, it took two years for 8.6 million Americans to lose their jobs, noted CNN.
The country's official unemployment rate, which climbed to 4.4% in March, from a historic low of 3.5% in February, is now expected to hit double-digits in April.
CNN added, “Many economists believe that spike in unemployment will be temporary and that many — but not all — of the lost jobs will come back when the coronavirus crisis is over. But ultimately, their forecasts are highly uncertain, and the economic recovery will depend on the course of the virus.”
Expanded Benefits
The Tax Foundation reported that six states — including New York, which has the highest number of coronavirus cases in the U.S. — can only fund up to 10 weeks of unemployment benefits from their state coffers before money runs out and they must turn to the federal government for additional funding.
As part of its economic relief package, Congress recently expanded unemployment benefits to include an extra $600 a week in addition to state unemployment benefits.
Congress also extended unemployment benefits to include self-employed people and gig workers.
“Many of those workers have said they're struggling to access those benefits, however, because of processing delays and systems that were not equipped to handle applications from self-employed workers,” CNN reported.