Data: U.S. Labor Department via FRED; Chart: Andrew Witherspoon/Axios
6.6 million people filed for unemployment last week, a staggering number that eclipses the record set just days ago amid the coronavirus pandemic, according to government data released Thursday.
Why it matters: Efforts to contain the outbreak are continuing to create a jobs crisis, causing the sharpest spikes in unemployment filings in American history.
- The colossal number of unemployment filings is worse than most Wall Street banks were expecting.
The big picture: Nearly 10 million Americans have filed for unemployment claims in recent weeks, as businesses around the country shut down in response to the pandemic.
- But the data lags by a week, so it’s almost certain labor departments around the country are still processing claims and people are still applying.
*story by Axios