Jobless claims spike to another weekly record amid coronavirus crisis
Why it matters: Efforts to contain the outbreak are continuing to create a jobs crisis, causing the sharpest spikes in unemployment filings in American history.
- The colossal number of unemployment filings is worse than most Wall Street banks were expecting.
The big picture: Nearly 10 million Americans have filed for unemployment claims in recent weeks, as businesses around the country shut down in response to the pandemic.
- But the data lags by a week, so it's almost certain labor departments around the country are still processing claims and people are still applying.