If the latest surge in claims matches estimates, a record 26.5 million Americans will have applied for unemployment within a five-week period.
Morgan Stanley predicted that a slightly lower number of 3.8 million jobless claims were filed last week, adding that applications"have moved past the peak more visibly now, but the cumulative number is still rising significantly.''
Jobless claims may also continue to swell because the $2.2 trillion federal emergency stimulus package approved in March expanded the number of people who are eligible for unemployment benefits, including those who’ve gone from full-time to part-time work.
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