Jobless Rate Soars! 3.3 Million Americans File Unemployment Claims This Week

3.3 million Americans filed unemployment claims last week.

This is more than quadruple the previous record.

This comes after mandatory business shutdowns occurred in several states due to the coronavirus.

The AP reported:

The US jobless rate soared this week with 3.3 million Americans filing unemployment claims.

Nearly 3.3 million Americans applied for unemployment benefits last week — more than quadruple the previous record set in 1982 — amid a widespread economic shutdown caused by the coronavirus.

The surge in weekly applications was a stunning reflection of the damage the viral outbreak is doing to the economy. Filings for unemployment aid generally reflect the pace of layoffs. So the latest figures suggest that roughly x% of America’s workforce was laid off just through the week that ended March 21. That is the highest proportion on records dating to 1971.

The pace of layoffs is sure to accelerate as the U.S. economy sinks into a recession. Revenue has collapsed at restaurants, hotels, movie theaters, gyms, and airlines. Auto sales are plummeting, and car makers have close factories. Most such employers face loan payments and other fixed costs, so they’re cutting jobs to save money.

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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

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Thanks for sharing!