Jobless Claims Soar by 6.6 Million for Week Ending March 27th 2020

The U.S. Labor Department is reporting that unemployment claims hit a new record for the week ending March 27th, 2020. The previous high of 695,000 was recorded back in 1982. Nearly 6.6 million Americans applied for unemployment, doubling the previous
week’ (March 20th, 2020) filing of 3.3 million. The two-week totals brings America’s unemployment to nearly 10 million. The increased numbers are the result of many businesses shutting down to achieve social distancing; with the retail, and hospitality sector being
particularly hard it. The recently passed $2 trillion stimulus package will grant eligibility for relief benefits to more Americans and will also extend the length those benefits are available.

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