More than 778,000 workers filed for unemployment

The number of Americans applying for unemployment benefits jumped last week to 778,000, as the spike in virus cases is intensifying pressure on companies and individuals, with fear growing that the economy could suffer a “double-dip” recession.

The number of Americans applying for unemployment benefits jumped last week to 778,000, as the spike in virus cases is intensifying pressure on companies and individuals, with fear growing that the economy could suffer a “double-dip” recession.

According to a Labor Department’s Wednesday report, jobless claims climbed from 748,000 the week before. The report pointed out that before the virus struck in March, weekly claims amounted to only about 225,000. They shot up to 6.9 million during March before dropping, yet they remain in historic highs more than eight months later.

The Labor Department added that the total number of people who are continuing to receive traditional state unemployment benefits dropped to 6.1 million from 6.4 million the previous week.

“With infections continuing to rise at an elevated pace and curbs on business operations widening, layoffs are likely to pick up over coming weeks. Even as job growth is continuing, the labor market remains under stress and far from complete recovery,” chief US economist at High Frequency Economics Rubeela Farooqi told CNN Business.


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