U.S. unemployment claims soared to 3.3 million as layoffs from coronavirus engulfed the economy, CNBC reports.
“The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982. Consensus estimates from economists surveyed by Dow Jones showed an expectation for 1.5 million new claims…”
New York Times: “As staggering as the figures are, they almost certainly understate the problem. Some part-time and low-wage workers don’t qualify for unemployment benefits. Nor do gig workers, independent contractors and the self-employed, although the emergency aid package being considered by Congress would broaden eligibility.”
Wall Street Journal: “Millions of Americans, already fearful the new coronavirus could infect them or their families, now have two new worries: When will the job machine start again? And can they hold out until it does?”Save to Favorites