US jobless claims doubled to record 6.65 million last week | Auto Finance News US jobless claims doubled to record 6.65 million last week | Auto Finance News
Auto Finance News
Subscribe
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Wednesday, March 3, 2021
Log In
No Result
View All Result
Auto Finance News
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • EXCELLENCE
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings at Banks
    • Securitizations
    • Market Share Monitor
AFN PLUS
Log In
No Result
View All Result
Auto Finance News
No Result
View All Result

US jobless claims doubled to record 6.65 million last week

Bloomberg News by Bloomberg News
April 2, 2020
in Risk Management
Reading Time: 2min read

The number of Americans applying for unemployment benefits more than doubled to a second straight record as the coronavirus widened its reach and closed more businesses.

A total of 6.65 million people filed jobless claims in the week ended March 28, according to Labor Department figures released Thursday, as many stores and restaurants were forced to close across the nation to mitigate the outbreak. The prior week’s level was also revised up slightly to 3.31 million.

The figure topped all analyst estimates and compared with a median projection of 3.76 million.

Key Insights

  • The weekly claims data, usually the first to show a hit amid a downturn, highlight the extent to which U.S. businesses and workers are reeling from the global health crisis. Service providers — especially in retail, restaurants and travel — have been noticeably affected, though other industries have also reported weakness and layoffs.
  • Continuing claims, which are reported with a one-week lag, jumped by 1.25 million to 3.03 million in the week ended March 21 — the highest since 2013. That pushed the insured unemployment rate up to 2.1% from 1.2%.
  • Friday’s jobs report is expected to show the first monthly decline in payrolls since 2010. Nonetheless, those figures will show only the start of the labor-market damage, as the government’s survey period covered early March, prior to the biggest rounds of layoffs and closures.

State Breakdown

  • California reported the most initial claims last week at about 879,000 on an unadjusted basis
  • Pennsylvania had about 406,000
  • New York had 366,000
  • Michigan reported 311,000
  • Texas had about 276,000
  • Ohio reported 272,000
(Updates with state breakdown)

–With assistance from Chris Middleton.

— By Katia Dmitrieva (Bloomberg)

Tags: bloomberg newsCoronavirusjobless claimsunemployment
Previous Post

CFPB offers guidance on credit reporting during pandemic

Next Post

US auto sales poised for crash after slowest pace in a decade

Related Posts

Dealertrack Looks to Speed Car Buying Process
Risk Management

Weekly Wrap: An all-in interest rate cap looms, inclusive lending in the spotlight

March 1, 2021
Tricolor Auto launches AI-powered software service
Risk Management

Tricolor Auto launches AI-powered software service

February 25, 2021
Credit Unions eye growth after flat 2020
Risk Management

Credit Unions eye growth after flat 2020

February 24, 2021
Next Post
US auto sales poised for crash after slowest pace in a decade

US auto sales poised for crash after slowest pace in a decade

By subscribing you agree to our Terms of Use and Privacy Policy

Latest Magazine Issue

INNOVATION & TECHNOLOGY

Volvo to go electric-only and shift sales online from 2030

Volvo to go electric-only and shift sales online from 2030

March 2, 2021
Digital lending lags despite consumer expectations

Digital lending lags despite consumer expectations

February 22, 2021

CORONAVIRUS

Q4 brings positive delinquencies, mixed originations for auto finance

Q4 brings positive delinquencies, mixed originations for auto finance

March 2, 2021
Carvana enjoys Q4 hike in finance GPU, origination volume

Carvana enjoys Q4 hike in finance GPU, origination volume

March 1, 2021

SPONSORED

Collateral Protection Insurance (CPI): What is CPI and what does it do?

Collateral Protection Insurance (CPI): What is CPI and what does it do?

January 8, 2021
US auto sales poised for crash after slowest pace in a decade

Driving Customer Loyalty, Retention After Total Loss

December 9, 2020
When tough times hit, proactive strategies pay

When tough times hit, proactive strategies pay

November 2, 2020

About

ABOUT US

PRIVACY TERMS

ADA COMPLIANCE

CODE OF JOURNALISM ETHICS

Contact Us

ADVERTISE

HELP CENTER

EMAIL SIGN UP 

Follow Us

twitter twitter linkedin podcast

©2021 Royal Media & Auto Finance News

No Result
View All Result
  • Home
  • News
    • All News
    • Exec of the Year
    • Innovation & Technology
    • Management
    • Compliance & Regs
    • Risk Management
    • Capital & Funding
    • Powersports
  • Events
    • DEMOvation Challenge
    • Auto Finance Summit
    • Auto Finance Innovation Summit
  • Excellence
    • Best Practices
    • Topics
      • Compliance
      • Customer Experience
      • Technology
    • White Papers
    • Glossary
  • Magazine
    • Latest
    • Magazine Issues
  • Podcast
  • Data
    • Lender Ranking
    • Fixed Rate Outstandings
    • Securitizations
    • Market Share Monitor
  • +PLUS
  • SUBSCRIBE
  • Log In / Account

© 2020 Royal Media

Go to mobile version