Jobless claims soar past 3 million to record as coronavirus sends Americans to the unemployment line
Americans displaced by the coronavirus crisis filed unemployment claims in record numbers, with the Labor Department reporting Thursday a surge to 3.28 million.
The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982. The previous week, which reflected the period before the worst of the coronavirus hit, was just 282,000.
Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims, though individual forecasts on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown brought on by the coronavirus crisis.
The 4-week moving average, which smooths out weekly distortions, was 1,731,000, an increase of 27,500 from the previous week’s revised average.
Businesses across the country have shut down amid a policy of social distancing aimed at keeping the virus’s growth in check. Individual states have reported …continued .
[Source: CNBC News]