Initial jobless claims soared to a seasonally adjusted 3.28 million in the week ended March 21, according to the Department of Labor.
Last week's jump marked a massive increase from a revised 282,000 claims in the prior week. Prior to the pandemic, initial claims had been hovering in the low 200,000s each week, reflecting a strong job market. That is the key difference between the coronavirus shock compared with past periods of economic distress: it is sudden and impacts virtually every industry and business model around.
Coronavirus pandemic will likely be around 'for 12 to 18 months,' Harvard doctor says. Follow our live updates here:
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