Apr 16, 2020 - Economy & Business

Another 5.2 million jobless claims filed last week amid coronavirus crisis

Data: FRED; Chart: Andrew Witherspoon/Axios
Data: FRED; Chart: Andrew Witherspoon/Axios

Another 5.2 million Americans filed for unemployment last week, the Labor Department announced Thursday.

Why it matters: With the more than 16 million jobless claims filed over the past three weeks, more jobs have now been lost in the last month than were gained since the Great Recession.

The big picture: The weekly unemployment filings report has become a must-watch for Wall Street and economists. It offers the timeliest glimpse into how efforts to contain the coronavirus outbreak are ravaging the job market.

  • And economists say that as bad as these weekly numbers look on the surface, they're likely even higher. There are widespread complaints that state labor departments are having trouble processing the never-before-seen wave of jobless filings.

The bottom line: In just one month, the coronavirus economic shutdown has caused a staggering 22 million Americans to lose their jobs.

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