Jobless claims double from previous record
Last week, the number of Americans applying for unemployment benefits skyrocketed yet again, doubling from the previous record of three million claims in a single week, set one week prior.
Another 6.6 million Americans filed for unemployment benefits last week, totaling 10 million Americans filing for unemployment over the past two weeks according to the Department of Labor. 10 million out of work in just two weeks is equivalent to the number of Americans who lost work over 6 months during the 2008 recession.
Following the release of the data, economists are saying that unemployment will climb to 15% in April if the jobless claims numbers continue in the millions.
Continuing claims, which are reported with a one-week delay, jumped by over one million to three million, the highest since 2013.
The economy remains on hold while the novel coronavirus causes decreased business activity. Municipalities are continuing to tell citizens to stay home, and it is unclear when the government will allow the economy to restart.