22M americans file claims to seek benefits

washington — A record 22 million Americans have sought unemployment benefits over the past month, with millions more filing claims last week, underscoring the deepening economic slump caused by the novel coronavirus outbreak.

Thursday’s weekly jobless claims report from the Labor Department followed dismal data on Wednesday showing a record drop in retail sales in March and the biggest decline in factory output since 1946. Economists are predicting the economy, which they believe is already in recession, contracted in the first quarter at its sharpest pace since World War Two.

Weekly jobless claims, the most timely data on the economy’s health, are being closely watched for clues on the depth of the downturn, when the waves of layoffs may let up and when a recovery might start.

Initial claims for state unemployment benefits dropped 1.370 million to a seasonally adjusted 5.245 million for the week ended April 11, the government said. Data for the prior week was revised to show 9,000 more applications received than previously reported, taking the tally for that period to 6.615 million. A total 22.034 million people have filed claims for jobless benefits since March 21.

The Labor Department said the coronavirus outbreak “continues to impact the number of initial claims.” Economists are divided on whether the second straight weekly decline in claims suggests that filings peaked at a record 6.867 million in the week ended March 28, or that overwhelmed state employment offices were unable to process the flood of applications. —