Hopefully it levels off, but this chart is crazy.
US jobless claims smash through record as lay-offs accelerate
More than 6.6m first-time claims filed as coronavirus-related losses hit 10m in two weeks
April 2 2020
The number of Americans filing for first-time unemployment benefits doubled to more than 6m, hitting a record high for a second consecutive week as lay-offs stemming from the coronavirus shutdown accelerated and spread into new industries.
Initial jobless claims jumped to 6.65m in the week ending March 28, the labour department said on Thursday. That eclipsed economists' forecasts for a rise to 3.7m.
The figure more than doubles last week’s total of 3.31m claims, the previous record high. The new data published on Thursday takes the two-week total to 10m job losses.
As states and cities shut down non-essential businesses, retailers and restaurants facing a collapse in revenue laid off employees across the country.
States reported that shutdowns continued to primarily affect the service sector, but the pain has spread to the healthcare and social assistance, manufacturing, wholesale trade and construction industries as well.
https://www.ft.com/content/72a78be8-2560-4075-ae27-eaee7b760c55
US jobless claims smash through record as lay-offs accelerate
More than 6.6m first-time claims filed as coronavirus-related losses hit 10m in two weeks
April 2 2020
The number of Americans filing for first-time unemployment benefits doubled to more than 6m, hitting a record high for a second consecutive week as lay-offs stemming from the coronavirus shutdown accelerated and spread into new industries.
Initial jobless claims jumped to 6.65m in the week ending March 28, the labour department said on Thursday. That eclipsed economists' forecasts for a rise to 3.7m.
The figure more than doubles last week’s total of 3.31m claims, the previous record high. The new data published on Thursday takes the two-week total to 10m job losses.
As states and cities shut down non-essential businesses, retailers and restaurants facing a collapse in revenue laid off employees across the country.
States reported that shutdowns continued to primarily affect the service sector, but the pain has spread to the healthcare and social assistance, manufacturing, wholesale trade and construction industries as well.
https://www.ft.com/content/72a78be8-2560-4075-ae27-eaee7b760c55
