Jobless Claims Report Thursday Could Hit 7 Million or Higher

WASHINGTON (AP) — The government is set to report another shocking level of unemployment claims Thursday even after nearly 10 million people applied for benefits in the previous two weeks because of business shutdowns from the coronavirus.

The number will likely keep increasing, in part because many states are still clearing out backlogs of applications for unemployment aid.

And with more companies running through their cash cushions as the virus-related shutdowns persist, they are resorting to layoffs to save money.