6.6 million workers filed for their first week of unemployment benefits in the week ending March 28 — a new historic high. Economists polled by Refinitiv had expected 3.5 million claims.
This “tectonic shift” in the US labor market “implied a real-time unemployment rate of 10.1% at a minimum,” said Joseph Brusuelas, chief economist at RSM.
As companies continue to close their doors and shed workers to limit the spread of coronavirus throughout the population, more workers will need government aid to make ends meet.
The March report will be more muted because the survey it is based on concludes around the middle of the month — which was before millions of Americans filed for unemployment benefits for the first time.
— This is a developing story. It will be updated.