Claims for jobless benefits drop by 4,000

Claims for jobless benefits drop by 4,000

The number of American claims for jobless benefits has dropped by 4,000 for a second week in a row, showing that the effects of the coronavirus may not have yet reached the labor market.

The Labor Department reported Thursday that unemployment benefits requests reached a seasonally adjusted 211,000, a 4,000 decrease from last week. The week before these claims also dropped by 4,000.

Analysts are monitoring unemployment benefits requests to see if the coronavirus sparks any major layoffs, as some economists are cautioning the effects of the virus could send the world into a global recession, The Associated Press reported.

The stock market has experienced record declines in the past two weeks, with it plummeting Thursday after President TrumpDonald John TrumpThe Hill’s Morning Report – Trump takes unexpected step to stem coronavirus Democrats start hinting Sanders should drop out Coronavirus disrupts presidential campaigns MORE restricted travel from Europe to the U.S. on Wednesday.

President Trump also announced plans to help the economy and small and midsize businesses during the outbreak. Trump said he plans to “soon be taking emergency action [to] provide financial relief … targeted for workers who are ill, quarantined, or caring for others due to coronavirus.”

The spread of the coronavirus has threatened Trump’s strong economy during an election year after it had maintained a historically low unemployment rate in February at 3.5 percent and added 273,000 new jobs.

Across the country, several conferences and events expecting large crowds, including NBA games, have been canceled due to worries about community spreading of the virus.

The U.S. has recorded more than 1,300 cases of coronavirus and at least 38 deaths, with eight recoveries, according to data from Johns Hopkins University.