Jobless Claims Soar to 3.3 Million In the Last Week

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?”