Maine weekly jobless claims surge past 20,000
Unemployment claims in Maine shot up to more than 20,000 last week from 634 initial claims the week before, according to preliminary data out Thursday from the Maine Department of Labor.
The latest report puts the figure at 21,459 claims for the week of March 15-21, as the coronavirus crisis takes its toll on a number of sectors.
So far, the hardest hit include accommodation and food services, which accounted for 7.965 of the claims filed last week, followed by health care and social assistance (3,588), manufacturing (1,131) and retail (1,103).
Claims data is released every Thursday. Preliminary figures will be revised and updated.
"We, along with the rest of the country, are doing everything we can to respond to this historic number of unemployment claims and the questions that come with them," Maine Department of Labor Commissioner Laura Fortman said in a statement. "We know that the partial wage replacement that unemployment benefits provide is a lifeline for families, as well as an economic stabilizer for our local communities in these uncertain times."
Nationwide picture and market reaction
The number of people seeking jobless benefits is skyrocketing nationwide, as reflected in a U.S. Department of Labor report also out on Thursday,
It shows a total of 3.28 million people filing for unemployment insurance in the week ended March 31, the highest number since the Department began publishing reports in 1967.
But U.S. stocks gained on Wall Street after the Senate's passage of a $2 trillion emergency stimulus bill aimed at easing the economic shock for American workers and companies.
In mid-morning trading, the Dow Jones Industrial Average was up 3.81%, at 22,096. But it's down around 23% so far this year, and 12.5% lower than it was a year ago.
Among Maine's largest publicly traded companies, WEX Inc. (NYSE: WEX) was up 7.42% at $123.16, while IDEXX (NASDAQ: IDXX) added 4.23% to $223.29.
WEX earlier this week told Mainebiz that in the wake of the crisis, it will limit hiring to business-critical positions, after an announcement to employees in a virtual meeting.
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