More than three million Americans signed on for jobless benefit last week, as the Covid-19 outbreak hit the US economy hard.
The initial jobless claims figure, just out, and shows that 3.283m people across the US filed for unemployment support in the week to Saturday March 21.
An absolutely huge, historically bad, figure.
That absolutely shatters the previous record of nearly 700,000 back in 1982, and is a clear sign that the US economy is being battered by the coronavirus outbreak. The previous week, 281,000 people filed initial claims.
It’s much worse than most economists expected, and means millions of households across America are feeling severe financial pain.