Jobless claims: Another 2.438 million Americans file for unemployment benefits

New York City. Across America people are reeling from the loss of jobs and incomes as unemployment soars to historical levels following the COVID-19

Jobless claims: Another 2.4 million Americans expected to have filed for unemployment benefits

The feds also revised the prior week's total down to 2.6 million from about 3 million.

"The labor market continues to struggle amid the COVID-19 pandemic and filings for unemployment benefits are likely to remain at elevated levels even as some states begin to gradually reopen their economies and ease back some social distancing measures, " BofA Research said in an investors note.

Across the country, more than 2.4 million people applied for unemployment benefits last week.

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Initial claims for state unemployment benefits totalled a seasonally adjusted 2.438 million for the week ended May 16, the Labor Department said on Thursday. "We expect a similar sized decline this week with some modest processing catch up effects in a small number of states amounting to around 100k".

In the week ending May 9, Georgia reported the highest number of jobless claims at an unadjusted estimate of 241,000, up from 228,000 the previous week. NY had 227,000, up from 199,000.

These workers generally do not qualify for regular unemployment insurance, but to get federal aid for coronavirus-related job and income losses they must first file for state benefits and be denied.

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"One bright spot, however, was the almost flat reading in continuing claims, which serves as a gauge of (1) how quickly the economy can ramp up after states "re-open" and (2) the efficacy of the PPP".

As of Wednesday afternoon, there were more than 4.9 million coronavirus cases and 324,000 deaths worldwide, according to Johns Hopkins University data.

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