U.S. Jobless Claims Off the Chart!

The COVID-19 pandemic is wreaking havoc on the U.S. economy, and data released Thursday morning reflected a damaged labor market. Americans filing for unemployment benefits skyrocketed to a record-breaking 3.283 million for the week ended March 21. Consensus expectations were for 1.64 million claims, but the rang within Consensus was very wide, reflecting tremendous uncertainty. The previous record was 695,000 claims filed the week ended October 2, 1982. Initial jobless claims for the week ended March 14 was revised higher to 282,000 from 281,000.

Click here to read the Department of Labor report.

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