22m Americans file for jobless claims

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22m Americans file for jobless claims

After three consecutive weeks of jobless claims in the millions, another 5.245 million Americans filed for unemployment benefits for the week ending April 11.

This is according to figures released Thursday by the U.S. Labour Department.

Since June 2009, the U.S. economy added over 20 million jobs.

But in just the last four weeks, unemployment claims have reached 22 million.

Economists were predicting 5.5 million jobless claims for the week ending April 11.

The prior week’s figure was revised higher to 6.615 million from the previously reported 6.606 million claims.

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Meanwhile, continuing claims hit 11.976 million for the week ending April 4, fewer than economists’ estimates of 13.26 million.

In the prior week, continuing claims hit a record 7.455 million.

Some economists believe the number of claims will steadily begin falling from previous highs in the coming weeks.

“While we believe the magnitude of increases in claims have moved passed the peak, the cumulative number is still rising, likely reaching the range of 25 million over the next few weeks,” Morgan Stanley economist Jan Kozak said in a note Wednesday.

Most U.S. states have now implemented “shelter-in-place” orders.

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