7 Major Coronavirus Developments — NEW U.S. Jobs Numbers Are Devastating — April 16, 2020
Thursday, April 16, 2020
The U.S. Department of Labor released its weekly jobs data and the numbers are devastating to millions of American families and the economy. The numbers were released at 8:30 AM on Thursday.
According to DOL, "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."
Rhode Island has more than 120,000 workers and gig workers who have filed for federal and or state benefits.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe U.S. weekly numbers came in slightly lower than some of the worst-case predictions by some analysts.
WATCH: Former RI Director of Health Dr. Michael Fine on GoLocal LIVE at 12 PM on Thursday
"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," reports DOL.
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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