Economists expected the number of Americans filing for unemployment to top 3 million as the virus outbreak leaves the economy reeling.
Last week’s jobless claims hit a record-breaking 3.28 million. FOX Business’ Lauren Simonetti with more.Continue Reading Below
The report, which provides the most up-to-date evidence on the labor market and the health of the economy, likely reinforces economists' views that the U.S. has already entered a recession, bringing to an end a historically long, 11-year economic expansion. Analysts are already warning the jobless numbers will likely continue skyrocketing in the coming weeks as mandated social distancing policies remain in place.
The four-week moving average was 2.053 million, up 327,250 from a week ago. It's the highest since Jan. 14, 2017.Before the coronavirus forced large swaths of the economy to shut down, the highest jobless claims reported was 695,000 in 1982. The peak during the Great Recession was 665,000 in March 2009. The data dates back to 1967.
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