U.S. jobless filings jump to 2-year high ahead of coronavirus impact

• While economists at the left-leaning Economic Policy Institute expect the economy to lose 3 million jobs by this summer, they point out that there is often a lag between when people are laid off and when they apply for benefits.
• This is "just the leading edge of the labor market impact of the coronavirus shock, " EPI's senior economist and director of policy Heidi Shierholz says. "No one should take comfort if these numbers are relatively modest."

The big picture: "Given the job destruction that we are witnessing, policymakers and investors should anticipate first-time claims to soar toward the five-year moving average of 242,300 in the next few weeks," Joe Brusuelas, chief economist at tax advisory firm RSM, says in a note to clients.