the coronavirus crisis
Jobless claims double last week's record high with 6.6 million
Amid the COVID-19 coronavirus crisis, weekly unemployment claims just once again reached a shocking new high.
The Labor Department announced Thursday that more than 6.6 million Americans filed initial jobless claims last week. This massive number easily surpasses the 3.3 million initial jobless claims announced last Thursday, which at the time was the largest number ever recorded, soaring past the previous record of 695,000 in October 1982. A week later, that startling figure has been roughly doubled. The data first started to be tracked in 1967.
Last week's report was already a massive surge from the 282,000 initial jobless claims that had been reported the previous week as businesses around the country were forced to close amid the COVID-19 coronavirus pandemic. Between the two weeks, about 10 million Americans filed unemployment claims. The data released Thursday is for the week ending on March 28.
"The speed and magnitude of the labor market's decline is unprecedented," economist Constance Hunter told The Wall Street Journal ahead of the report. But many analysts had been expecting a number this week closer to 3 million. CNBC notes highest weekly jobless claims reported during the Great Recession was 665,000.
"It really is a jobs shock here," CNN's Christine Romans said Thursday.