The number of Americans applying for jobless benefits soared to an unprecedented 3.3 million last week.
The number of Americans applying for jobless benefits soared to unprecedented levels last week as new government data put into stark relief the magnitude of the economic pain caused by the coronavirus outbreak.
That number was five times greater than in any single weekly period of new filings since record-keeping began in 1967 — and it points to what many expect will be a dramatic increase in the jobless rate, possibly even into double digits later this spring. Almost every state logged large increases in claims, led by several East Coast states, Ohio, Texas and California, according to filings and estimates by states.
A review of hundreds of early-warning layoff notices submitted by employers to various states over the past two weeks show that most of the layoffs are temporary.Many of the layoffs are at restaurants, but almost every sector of the economy has been hit, including manufacturing firms, transportation and education services. Most businesses say they intend to call their workers back as soon as possible. But for some, it is already too late.
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