US jobless claims rose by 70,000 to 281,000 for the week ending March 14, exceeding economist estimates for a 220,000 increase. The newly released data offers an early glimpse at how severely the coronavirus outbreak will hurt the US economy.
Business closures and quarantine orders driven by the spreading virus have contributed to layoffs, leading people to file for unemployment. At least 11 states have seen skyrocketing numbers of people filing for unemployment benefits, according toThe Trump administration has proposed a $1 trillion stimulus package as a lifeline to the battered American economy.
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