A startling 6.6 million people filed their first claims for unemployment benefits last week, bringing the total for the past three weeks to 16.8 million people. That's about 11% of the US labor force -- a shocking number, given that unemployment was at a historic low until the pandemic erupted -- and a grim new indicator of the scope of damage the coronavirus has wreaked on the US economy.
Millions more Americans filed for unemployment benefits last week, as businesses continue to lay off and furlough workers amid the coronavirus outbreak.
Goldman Sachs predicts 2.25 million Americans filed initial unemployment claims this week, the highest on record
Americans are starting to lose their jobs in response to the coronavirus pandemic, and economists expect it's only going to get worse from here. And quickly, too.