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