3M+ File Unemployment Claims
A RECORD 3.3 MILLION PEOPLE FILED FOR UNEMPLOYMENT BENEFITS LAST WEEK
(CNN) – The U.S. has posted a staggering jobs number, as businesses lay off employees and try to slow the spread of the coronavirus.
According to the Department of Labor 3.28-million people filed for unemployment benefits last week; that’s the most in U.S. history.
The previous high was 695,000 claims filed in October 1982.
Prior to the pandemic, claims had been hovering in the low 200,000 each week, reflecting a strong job market.
Economists now expect the U.S. economy to fall into a recession in the second quarter and then stage a comeback later this year after the virus slows.