While entirely predictable in a country that’s shutting down businesses and large gatherings to deal with a global pandemic, nearly 3.3 million Americans, a record number, applied for unemployment benefits last week, according to a report by the Associated Press.
Last week’s claims more than quadrupled the previous record set in 1982, another recessionary year, and illustrate the severe damage the coronavirus (COVID-19) outbreak is doing to the economy.
Jobless claims are expected to accelerate in forthcoming weeks.
