Unemployment claims in the U.S. reached a historic record of 3.28 million. This figure is exactly 4 times the previous highest level.
While companies fired workers because of the coronavirus outbreak spread worldwide, the number of Americans applying for unemployment benefits over the past week reached a record of 3.28 million.
This record number reveals the great impact of the coronavirus on the economy. The previous highest level was recorded as 695,000 during the 1981 – 1982 recession.
The number of unemployment claims last week was only 282,000.
UBS and Goldman Sachs estimated unemployment applications at 860,000 and 2.25 million respectively, while Bank of America, Morgan Stanley and Citi estimates were 3 million, 3.4 million and 4 million, respectively.