A record 3 million-plus Americans filed for unemployment benefits last week, as more businesses shut down across the country in order to contain the novel coronavirus.
This rash of layoffs ended the longest employment boom in U.S. history.
In response to the devastating impact that the coronavirus is having on the economy, Congress put together a record $2 trillion stimulus package.
With Governors in at least 18 states closing “non-essential” businesses and imposing “stay-at-home” orders on residents, unemployment benefit claims continue to surge.
“Economists say the economy is already in recession. Weekly claims are the most timely labor market indicator. With nearly half the country’s population under some form of a lockdown, economists are bracing for further increases in jobless claims.”