Unemployment Claims Are Over 3 Million For Last Week

The days of 3.5% unemployment are over -- at least for quite a while. As expected, millions of people have lost their jobs thanks to efforts to control the epidemic of Coronavirus.

Two weeks ago, unemployment claims jump by over 70,000 from the week before. Last week, was much worse. Unemployment claims rose by more than 3 million.

Here is the official announcement from the. Department of Labor for claims last week.

In the week ending March 21, the advance figure for seasonally adjusted initial claims was 3,283,000, an increase of 3,001,000 from the previous week's revised level. This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. The previous high was 695,000 in October of 1982. The previous week's level was revised up by 1,000 from 281,000 to 282,000. The 4-week moving average was 998,250, an increase of 765,750 from the previous week's revised average.