Weekly job applications total 5,245 million people, 22 million jobs lost due to coronavirus

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Coronavirus protections have continued to make their way into the employment ranks, with 5,245 million more Americans filing their first unemployment insurance claims last week, the Labor Department reported on Thursday. .

New deposits bring the total of the crisis to just over 22 million, wiping out almost all of the job gains since the Great Recession.

The total was slightly worse than the 5 million expected from economists polled by Dow Jones.

Although the most recent total for the week ending April 11 was down from the previous two weeks, it still showed that the damage to the US labor market remains significant.

The number of these has been increased by measures taken to allow more workers to lodge complaints. They now include independent contractors and others who previously were not eligible for benefits.

The originally announced total of 6.606 million last week has been revised slightly to 6.615 million.

The four-week moving average, which normally is useful in easing weekly volatility, jumped to 6.066 million, an increase of 2.568 million the previous week.

Stock market futures actually rose on the news and indicated a slight gain at the opening of the market.

There was something good in the data when looking at the unadjusted seasonal factors, which some economists say is useless given the current unusual conditions.

The unadjusted total was 4.97 million, which is actually a drop of 20% or more than 1.2 million from the previous week. Seasonal factors should have reflected a gain of about 1%, according to the Labor Department. A comparable week in 2019 would have shown only 196,364 requests.

Most large states reported declines from the previous week in claims, according to unadjusted figures.

Pennsylvania fell 39,283, California 257,848 and Michigan 169,234. New York, which lagged some of the largest states in terms of deposits, gained 51,498 to 395 949.

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