3.3 Million File For Unemployment Claims, Shattering Records
Claims for unemployment benefits are spiking across the country as businesses shut down to stem the spread of the coronavirus.
S E E D E D C O N T E N T
A record 3.28 million Americans filed for unemployment benefits last week as the coronavirus pandemic shut down much of the country. The Labor Department's report Thursday was one of the first official indicators of how many people have suddenly been forced out of work nationally.
"This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series," the department said. "The previous high was 695,000 in October of 1982." The Labor Department's records go back to 1967.
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Federal Reserve Chairman Jerome Powell, appearing on NBC's Today Show , said what businesses and analysts already know: "We may well be in a recession."
"This is a unique situation," Powell added. "People are being asked to close their business, to stay home from work, and to not engage in certain economic activity, and so they are pulling back. At a certain point, we will get the virus under control and confidence will return."
The staggering jobless claims figure was well above the levels seen during the darkest days of the Great Recession, and the worst isn't over yet, economic forecasters say.
Crooked donnie's head must be exploding
I can hardly wait to see how Fox and Breitbart spin this.
Spin what? This has been expected for some time now, and guess what? It has been reported as such on "gasp" Fox and Breitbart.
The real question is how most of the rest of lib outlets will blame this on Trump?
Your question is a maybe.
My question is a certainty.