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Source: St. Louis Fed; Chart: Axios Visuals

It's the most stunning chart of this crisis yet — the number of people filing for unemployment spiked to 3.3 million last week, a number unprecedented in U.S. history.

Why it matters: This is a picture of what happens when a huge swath of the economy comes to a very sudden stop. But it tells us very little about how bad this recession is turning out to be. We're not going to get useful data on that for another month or so.

The big picture: In a recession, millions of people become unemployed. But in a normal recession, that process can take months or even years. This time around, the layoffs are being squeezed into a matter of weeks.

  • By the numbers: If unemployment claims continue at this pace for another four weeks, we'll end up seeing half as many workers laid off as lost their jobs during the 2008–09 Great Recession. On the other hand, if these numbers continue for 16 weeks, it will be twice as bad. The only way to tell which way we're going is to wait and see.
  • The March jobs report, out on April 3, reports on employment from the second week of March — too early to reflect the impact of the coronavirus shutdown. The first post-crisis jobs report will be the April one, out on May 8.

What they're saying: In this recession, "It's like an umpire whistled all the players off the economic playing field," University of Michigan economics professor Justin Wolfers tells Axios. In order to get the much-coveted V-shaped recovery, he adds, "they need to be able to whistle us back on."

The bottom line: In order for government officials to be able to persuade Americans to go back to normal, we have to be able to trust them when they tell us that it is safe to do so.

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Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 12,859,834 — Total deaths: 567,123 — Total recoveries — 7,062,085Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 3,297,501— Total deaths: 135,155 — Total recoveries: 1,006,326 — Total tested: 40,282,176Map.
  3. States: Florida smashes single-day record for new coronavirus cases with over 15,000 — NYC reports zero coronavirus deaths for first time since pandemic hit.
  4. Public health: Ex-FDA chief projects "apex" of South's coronavirus curve in 2-3 weeks — Coronavirus testing czar: Lockdowns in hotspots "should be on the table"
  5. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."

Scoop: How the White House is trying to trap leakers

Illustration: Sarah Grillo/Axios

President Trump's chief of staff, Mark Meadows, has told several White House staffers he's fed specific nuggets of information to suspected leakers to see if they pass them on to reporters — a trap that would confirm his suspicions. "Meadows told me he was doing that," said one former White House official. "I don't know if it ever worked."

Why it matters: This hunt for leakers has put some White House staffers on edge, with multiple officials telling Axios that Meadows has been unusually vocal about his tactics. So far, he's caught only one person, for a minor leak.

11 GOP congressional nominees support QAnon conspiracy

Lauren Boebert posing in her restaurant in Rifle, Colorado, on April 24. Photo: Emily Kask/AFP

At least 11 Republican congressional nominees have publicly supported or defended the QAnon conspiracy theory movement or some of its tenets — and more aligned with the movement may still find a way onto ballots this year.

Why it matters: Their progress shows how a fringe online forum built on unsubstantiated claims and flagged as a threat by the FBI is seeking a foothold in the U.S. political mainstream.