US Weekly Jobless
Claims Jump by 6.6. Million The total jobless claims
has reached more than 16 million Americans. This equates to ten percent of the workforce
who have lost their jobs in the last three weeks. In response to the crisis,
the Federal Reserve announced that
it will infuse a further $2.3 billion into
the government and businesses. The stock market reacted
favorably to the announcement. Due to the $2.2 trillion CARES Act,
more people are now eligible to file for unemployment. Independent contractors and
the self-employed can now
file unemployment claims. The states that experienced
the largest increase in claims were
California, New York and Michigan.
