5.2 million more seek jobless aid as number of laid-off people keeps mounting

NEW YORK - The number of Americans seeking unemployment benefits jumped by 5.25 million last week, as massive job losses caused by the coronavirus pandemic continued to mount.

That brings total claims over the four weeks ended April 11 to more than 21 million workers, a stunning sign of the colossal economic damage inflicted by the virus outbreak. Before the pandemic, the largest number of Americans to seek jobless aid in a four-week stretch was 2.7 million in the fall of 1982.

Economists surveyed by Refinitiv expected the number of initial claims for state unemployment benefits to hit 5.1 million.

The report, which provides the most up-to-date evidence on the labor market and the health of the economy, likely reinforces economists' views that the U.S. has already entered a sharp recession, bringing to an end a historically long, 11-year economic expansion.

On Wednesday, the government said U.S. retail sales plummeted 8.7 percent in March, an unprecedented decline, as the outbreak brought most commerce to a halt.

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The deterioration of sales far outpaced the previous record decline of 3.9 percent that took place during the depths of the Great Recession in November 2008. Auto sales dropped 25.6 percent, while clothing store sales collapsed, sliding 50.5 percent. Restaurants and bars reported a nearly 27 percent fall in revenue.

The four-week moving average was more than 6 million, up 2.56 million from a week ago.

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