WASHINGTON - Americans applied for unemployment benefits in massive numbers for a third straight week, bringing the total to about 16.8 million during the coronavirus pandemic's economic shutdown.
As wide swaths of the economy shut down, workers have been laid off across industries with unprecedented speed. The three-week tally implies an unemployment rate of around 13 per cent or 14 per cent, surpassing the 10 per cent peak reached in the wake of the last recession. Continuing claims - which are reported with a one-week lag and represent Americans currently receiving unemployment benefits - jumped by 4.4 million to 7.46 million in the week ended March 28.
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