The numbers are stunning. The Department of Labor reports that initial jobless claims were 6,648,000 for the week ending 3/28. That’s double what most analysts had estimated. It’s also a new record, topping last week’s record by 3.4 million. In total, 10 million people were laid off in the last two weeks of March. To put that in perspective CNBC points out that “Before the coronavirus shut down major parts of the U.S. economy, the highest week for claims was 695,000 in 1982. The Great Recession high was 665,000 in March 2009.”
The weekly claims data, usually the first to show a hit amid a downturn, highlight the extent to which U.S. businesses and workers are reeling from the global health crisis. Service providers — especially in retail, restaurants and travel — have been noticeably affected, though other industries have also reported weakness and layoffs.