The U.S. Labor Department released the latest unemployment numbers on Thursday and the numbers are staggering. Last week, a whopping 6.65 million Americans filed first-time jobless claims, beating the previous week’s record of 3.3 million. For those who skipped math class, this brings the total to nearly 10 million unemployment claims filed in just a couple weeks.
Prior the the recent economic crash as a result of the U.S. government’s mishandling of the coronavirus, the previous high was 695,000 in 1982.
This news, while extremely troubling, is not surprising considering that we are in the midst of an unprecedented near total economic shutdown.
Despite the passage of a bi-partisan $2 trillion stimulus package, experts believe that jobless claims are likely to rise in the coming months.