Claims between the period of March 21 and March 28 blew past the previous week's record of 3.3 million, according to the weekly jobless claims report from the Labor Department published on Thursday. The previous week’s total was revised higher by 24,000.
That brings the total number of Americans who filed for unemployment over the past two weeks to nearly 10 million, a stunning sign of the colossal economic damage inflicted by the outbreak. 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 recession, bringing to an end a historically long, 11-year economic expansion. Analysts are already warning the jobless numbers will likely continue skyrocketing in the coming weeks as mandated social distancing policies remain in place. -Full Report
