Spike in jobless claims just the start of labor crush as unemployment looks set to double
The sudden 33% spike in weekly jobless claims to 281,000 is just the start of a major increase in claims by unemployed workers, as layoffs start to snowball across the country.,
Unemployment claims filed with the states last week jumped to 281,000 from 211,000 the week earlier. Economists had expected about 220,000 claims for the week ended March 14, with a bigger spike in the coming week. It was the highest number since Sept. 2, 2017. "We're talking about it going up by multiples of the level in weeks to come. We're talking about it doubling, tripling. We could see it up to 600,000 by next week," she said, adding some states are already seeing new claims activity for this week of as high as 40,000.
Small businesses have been hard by the ripple effect, as the sporting games and other activity they support have been shutdown.
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