The U.S. Labor Department is reporting a record-breaking total of 3.3-million unemployment claims for the week ending March 21.
The previous record was below 700,000.
BREAKING: Labor Department reports nearly 3.3 million new unemployment claims for the week ending March 21.
The previous record was below 700,000. https://t.co/OujERjyh4s
— Vox (@voxdotcom) March 26, 2020
Experts estimated that the peak would be around 1.5-million claims, but because the coronavirus pandemic has caused businesses and the economy to shut down the number was doubled.
Federal Reserve Chairman Jerome Powell says we’re in a unique situation with a possibility for a good rebound, but it depends on how quickly we gain control over the spread of COVID-19.