Economics
U.S. Jobless Claims Jump to 3.28 Million, Quadruple Prior Record
- Layoffs span country amid shutdowns to prevent virus spread
- ‘Very high numbers’ could continue for several weeks
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The magnitude of the economic devastation being wrought by the coronavirus pandemic was laid bare on Thursday when the U.S. government reported an unprecedented surge in the number of people seeking jobless benefits.
A total of 3.28 million people filed for unemployment insurance in the week ended March 21, dwarfing previous highs in Labor Department reports published since 1967. Two weeks earlier, before closures of businesses swept across vast swaths of the country, the number stood at 211,000, close to a half-century low.