Photo: Shawn Patrick Ouellette/Portland Portland Press Herald via Getty Images

U.S. unemployment filings surged to 281,000 in the week ended March 14 — a two-year high and an increase of 70,000 from the week prior — according to Labor Department data released Thursday.

Why it matters: There have been widespread layoffs, as municipalities began shutting down restaurants, bars and large public gatherings due to the coronavirus outbreak — but, given that many of those economic hits only came in the last few days, this batch of data doesn't provide the full scope of their 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.

Go deeper

7 hours ago - Health

15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 11,143,945 — Total deaths: 527,681 — Total recoveries — 6,004,593Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 2,818,588 — Total deaths: 129,584 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
7 hours ago - Health

In photos: America celebrates July 4 during global pandemic

Photo: Francine Orr/Los Angeles Times/Getty Images

The U.S. has already celebrated Easter, graduations and so much more during the coronavirus pandemic, and now it can add July 4 to the list.

The state of play: Axios' Stef Kight writes public parades and fireworks displays around much of the country are being canceled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.