Unemployment claims explode, new record set during coronavirus outbreak with 6.6M Americans filing for aid last week
As the U.S. braces for the worst in the coronavirus outbreak, the number of Americans filing claims for unemployment benefits surged to more than 6.6 million last week, breaking a record high for the second week in a row. Claims between the period of March 21 and March 28 blew past the previous week's record of 3.3 million, according to the weekly jobless claims report from the Labor Department published on Thursday.
However, U.S. equity markets shrugged off the record unemployment numbers and surged to session highs Thursday morning after President Trump said he expects and hopes Russia and Saudi Arabia will sharply cut oil production. Investors were also assessing the grim news that the number of confirmed cases in the U.S. was above 200,000 and the number of deaths have topped 5,000. The fatalities for Wednesday alone topped 1,000.
The aggressive spread of novel coronavirus across the globe has World Health Organization (WHO) officials on edge. During a virtual press conference Wednesday, WHO Director-General Tedros Adhanom Ghebreyesus said he is “deeply concerned” about the “rapid escalation and global spread” of the virus. Meanwhile, China is pushing back on claims it purposely falsified the number of people infected with coronavirus and said the majority of 12,500 people who died during the country's first mandatory lockdown succumbed to other causes.
Since coronavirus started ravaging New York, Gov. Andrew Cuomo has appealed for federal support and criticized the Trump administration's handling of the pandemic. But Cuomo's critics say he needs to look in the mirror and examine years of fiscal mismanagement and cost-cutting.
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And there were several other developments:
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