Weekly jobless claims climbed by 3.5 million, bringing the total number of unemployment claims since mid-March to nearly 28 million. The latest round of layoffs suggests the unemployment rate could be approaching 25% — a level not seen since the height of the Great Depression.
As unemployment claims continue to surge by the millions with each passing week, 24/7 Wall St. has been compiling a state-by-state review of jobless claims. Job losses by state range from the tens of thousands to the millions over the five weeks beginning on March 15, amounting to anywhere from 7% to nearly 30% of each state’s total workforce. Over the most recent week of data, April 19 to April 25, unemployment claims were anywhere from five to 73 times higher than what they were in the same week last year, depending on the state.
The current economic downturn is largely attributable to efforts to contain the spread of the coronavirus. Elected officials across the country have heeded advice from health experts and instituted a range of measures to facilitate social distancing, from shelter-in-place orders to closing nonessential businesses. These measures, however, have taken a toll on the economy. Here is a state-by-state look at social distancing rules.
The states where unemployment rates are projected to be the highest in the coming months tend to be those that rely on industries that will likely bear the brunt of the current economic downturn. These industries include leisure and hospitality, travel services, transportation and warehousing, and oil and gas extraction. Americans who have been laid off in these and other industries face economic uncertainty, both short- and long-term. Here is what you can do if coronavirus is threatening your retirement.