U.S. jobless claims skyrocket to 3.2 million as coronavirus hits the economy

It's bad: Based on state data, Morgan Stanley thinks the U.S. government could announce Thursday that 3.4 million people filed for their first week of unemployment benefits last week.

Previously, the highest increase in unemployment claims came in October of 1982, when the Department of Labor saw an increase of 695,000 unemployment claims.

As the coronavirus continues to devastate the global economy, job numbers in America show that unemployment skyrocketed up to record numbers last week.

US Freezes Overseas Troop Movements In Coronavirus Lockdown
Pentagon officials said 600 individuals linked to the military had now tested positive for the virus worldwide. The US now has some 68,597 reported cases of coronavirus across the country, and some 1,035 deaths.

Covid-19: L'ONEE adopte un dispositif en faveur de ses clients
L'ONEE dit aussi privilégier les interactions à distance et invite ses clients à opter pour les services accessibles via son site web.

Tippecanoe County COVID-19 cases up to 7, statewide deaths at 17
Two correctional officers and one man incarcerated also have tested positive for COVID-19 at Stateville Correctional Center. The fourth resident was in the same traveler group as the individual announced earlier who had traveled internationally.

Schools have been shut down and workers have been ordered home in multiple states. As the Department of Labor put it, "Nearly every state providing comments cited the COVID-19 virus impacts".

And as James Knightley, chief worldwide economist for ING, pointed out, the states reporting the greatest numbers of new jobless claims in the Labor Department's report misalign with anecdotal evidence and state-reported data coming out over the past week.

In California alone, more than a million people have applied for unemployment benefits this month, Gov. Gavin Newsom said Wednesday.

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