Another 3.17 million Americans filed for unemployment benefits last week, the latest data out Thursday shows.
That's slightly worse than the 3 million claims economists expected, and brings the total over the course of the COVID crisis to more than 33 million.
For the week ended May 2, the four-week moving average is 4.17 million. Last week was revised marginally higher to 3.85 million.
The latest claims data comes a day after ADP said US firms cut 20.24 million jobs last month. It was an astounding print, even as it was expected and even as it didn't capture the true scope of the malaise due to the cutoff on the survey period.
Small and midsized businesses were disproportionately affected, ADP's data showed.
Separately, a survey released Wednesday by the Society for Human Resource Management suggested more than half of America’s small businesses will exhaust their capacity to keep going within six months.
The jobless claims figures serve as an ongoing, higher frequency reminder that the US economy is by no means out of the proverbial woods. As noted above, the 7-week total for claims (i.e., capturing the period defined by the crisis and attendant lockdown protocols) is
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