Updated May 7, 2020 - Economy & Business

Another 3.2 million Americans filed for unemployment last week

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Data: U.S. Employment and Training Administration via FRED; Chart: Andrew Witherspoon/Axios

Another 3.2 million Americans filed for unemployment last week, the Labor Department said Thursday.

Why it matters: Jobless claims have swelled to roughly 33.5 million in the past seven weeks since coronavirus-driven lockdowns began — and, even as states begin to open back up, workers are still losing their jobs at a staggering rate.

Between the lines: Last week's numbers are the lowest level of claims since the crisis began, but even though the pace of layoffs are slowing, we're still seeing historically and painfully high unemployment applications on a weekly basis.

  • Before the coronavirus, the record number of weekly claims was 695,000 — back in 1982.

By the numbers: One notable figure shows how many Americans have yet to return to work after initially filing for unemployment.

  • Continuing claims — which shows how many Americans remain on unemployment rolls within two weeks of first applying — rose to 22.6 million.

The bottom line: The coronavirus is ravaging the job market in a way that's never been seen before in U.S. history.

  • In less than two months, roughly 20% of the labor force has lost their job.

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Twitter: Trump's Minnesota tweet violated rules on violence

Twitter said Friday morning that a tweet from President Trump in which he threatened shooting in response to civil unrest in Minneapolis violated the company's rules. The company said it was leaving the tweet up in the public interest.

Why it matters: The move exacerbates tensions between Twitter and Trump over the company's authority to label or limit his speech and, conversely, the president's authority to dictate rules for a private company.

Updated 36 mins ago - Politics & Policy

Trump threatens to "assume control" of Minneapolis over unrest

Flames from a nearby fire illuminate protesters standing on a barricade in front of the Third Police Precinct in Minneapolis on Thursday. Photo: Kerem Yucel/AFP via Getty Images

President Trump threatened via Twitter early Friday to send the national guard to Minneapolis following three days of massive demonstrations and unrest in the city over George Floyd, a black man who died in police custody this week.

Details: "I can’t stand back & watch this happen to a great American City, Minneapolis. A total lack of leadership. Either the very weak Radical Left Mayor, Jacob Frey, get his act together and bring the City under control, or I will send in the National Guard & get the job done right," Trump tweeted after a police station was torched by some protesters.

Updated 2 hours ago - Politics & Policy

In photos: Protests over George Floyd's death grip Minneapolis

Protesters cheer as the Third Police Precinct burns behind them on in Minneapolis on Thursday night. Photo: Stephen Maturen/Getty Images

Cheering protesters set a Minneapolis police station on fire Thursday night in the third night of unrest following the death of George Floyd, a black man who died in police custody in the city, per AP.

The state of play: Minnesota's governor on Thursday activated the state's national guard following violent outbreaks throughout the week, as the nation waits to see if the officers involved will be charged with murder.