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Unemployment benefit claims skyrocket to 3.283 million

Heidi Chung

Mar 26th 2020 8:38AM

The COVID-19 pandemic is wreaking havoc on the U.S. economy, and data released Thursday morning reflected the severe damage being done to the labor market.

The number of Americans filing for unemployment benefit claims skyrocketed to a record-breaking 3.283 million for the week ended March 21. Consensus expectations were for 1.64 million claims. The previous record was 695,000 claims filed the week ended October 2, 1982. Initial jobless claims for the week ended March 14 jumped by 70,000 claims to 282,000 and was the largest single-week increase since the Great Recession.

“In previous deep recessions, most notably in 2008 and 1980, initial claims during the worst four weeks of the recession would total 2 [million],” Nomura economist Lewis Alexander wrote in a note to clients March 22. “That is consistent with the shock from COVID-19 compressing a significant deterioration in the labor market into a much shorter period relative to previous contractions.”

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