In the week ending April 11, the advance figure for seasonally adjusted initial claims was 5,245,000, a decrease of 1,370,000 from the previous week’s revised level. The previous week’s level was revised up by 9,000 from 6,606,000 to 6,615,000. The 4-week moving average was 5,508,500, an increase of 1,240,750 from the previous week’s revised average. The previous week’s average was revised up by 2,250 from 4,265,500 to 4,267,750.
The advance seasonally adjusted insured unemployment rate was 8.2 percent for the week ending April 4, an increase of 3.1 percentage points from the previous week’s unrevised rate. This marks the highest level of the seasonally adjusted insured unemployment rate in the history of the seasonally adjusted series. The previous high was 7.0 percent in May of 1975.
The advance number for seasonally adjusted insured unemployment during the week ending April 4 was 11,976,000, an increase of 4,530,000 from the previous week’s revised level. This marks the highest level of seasonally adjusted insured unemployment in the history of the seasonally adjusted series. The previous week’s level was revised down by 9,000 from 7,455,000 to 7,446,000. The 4-week moving average was 6,066,250, an increase of 2,568,500 from the previous week’s revised average. The previous week’s average was revised down by 2,250 from 3,500,000 to 3,497,750.
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“There’s nowhere to hide,” said Diane Swonk, chief economist at Grant Thornton in Chicago. “This is the deepest, fastest, most broad-based recession we’ve ever seen.”
…When restrictions are lifted, the recovery is expected to be gradual. “My worry is that it will be a slow rollout, as it should be, which means a slow recovery,” said Beth Ann Bovino, chief U.S. economist at S&P Global. “Turning on the U.S. economy isn’t like turning on a light bulb. It’s just too big.”
…Getting money quickly to people who need it is essential to limiting the economic damage and heading off a prolonged downturn, economists say. Relying on state unemployment offices, however — which had been set up and staffed to deal with record-low jobless rates — has resulted in mammoth delays.
In New York, the state’s call center handles 50,000 calls and 350,000 web visits in a typical week. In a peak week during the pandemic, it received 8.2 million calls and six million web visits.