As Jobless Claims Surge By 3 Million Unemployment May Soon Be Highest Since Financial Crisis
New data released by the Department of Labor this morning revealed that 3.3 million initial claims for unemployment benefits were made in the week ending March 21. The Labor Department said the spike in jobless claims was “the highest level of seasonally adjusted initial claims” in history, up from a previous high of 695,000 in 1982. It added that “nearly every state providing comments cited the COVID-19 virus impacts,” and said the services industry had been particularly damaged by the outbreak....