NEARLY 10 MILLION FILED FOR UNEMPLOYMENT IN LAST 2 WEEKS

The number of new people claiming unemployment benefits totaled a staggering 6.648 million last week — doubling the record set a week earlier, the Labor Department said Thursday.

In the prior week, ending March 21, a revised 3.307 million initial claims were filed. But analysts said even that lofty number was low because many states’ employment websites were overwhelmed, making it difficult for applicants to get through. A year earlier, the weekly total was just 211,000.

Nearly every state reporting on claims cited the pandemic’s broad impact.

Secretary of Labor Eugene Scalia said, “Similar to last week’s unemployment claims numbers, today’s report reflects the sacrifices American workers are making for their families, neighbors, and country in order to ‘slow the spread.’ The Administration continues to act quickly to address this impact on American workers. That includes a rule the Labor Department adopted yesterday to implement the paid leave provisions of the Families First Coronavirus Response Act, and the Department’s work with the States to make available the enhanced unemployment benefits provided in the CARES Act, which the President signed last week. That legislation also contains significant incentives for businesses to retain workers and continue paying them, which will put businesses and workers in a better position to resume work and re-boot the economy once the virus is contained.”

Thursday’s report is only a hint of things to come for the economy.