- Initial jobless claims soared last week to 6,648,000, twice as much as the previous record set last week, and twice as much as expected.
- That’s 19 times as much as the average over the past 53 years (before the last two weeks).
- It’s 10 times as much as the previous record (before the last two weeks).
- It brings the total number of Americans who have suddenly become unemployed over the past two weeks to 9,955,000. That’s 6% of the labor force.
- The first chart shows the long term, while the second chart shows just the last 10 weeks, so it’s easier to see the massive increases.