Jobless claims report Thursday could hit 7 million or higher

Jobless claims report Thursday could hit 7 million or higher
Posted at 7:26 PM, Apr 08, 2020
and last updated 2020-04-08 19:55:44-04

The government is set to report another shocking level of unemployment claims Thursday even after nearly 10 million people applied for benefits in the previous two weeks because of business shutdowns from the coronavirus.

The number will likely keep increasing, in part because many states are still clearing out backlogs of applications for unemployment aid. And with more companies running through their cash cushions as the virus-related shutdowns persist, they are resorting to layoffs to save money.

The Department of Labor says that states will begin administering $600 weekly payments to many of those receiving state unemployment, which will be on top of standard unemployment checks issued by the states.

When the payments will be available will vary by state, as the federal government works with the states to administer the program. The program will run through the end of July.

Many Americans have been unable to file for unemployment as many states are struggling to keep up with unemployment applications.