Americans displaced by the coronavirus crisis filed unemployment claims in record numbers last week, with the Labor Department reporting Thursday a surge to 3.28 million. The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982.
Mnuchin on jobless claims numbers: "I just think these numbers right now are not relevant, and you know, whether they’re bigger or smaller in the short term." pic.twitter.com/h9yo0YmeAX— Talking Points Memo (@TPM) March 26, 2020
“This is a unique situation. People need to understand, this is not a typical downturn,” Federal Reserve Chairman Jerome Powell said earlier Thursday on NBC’s TODAY.
“At a certain point, we will get the spread of the virus under control. At that time, confidence will return, businesses will open again, people will come back to work,” he added. “So you may well see a significant rise in unemployment, a significant decline in economic activity. But there can also be a good rebound on the other side of that.”
Breaking News 3.28 million Americans file for initial jobless claims. I posted the official estimates this morning but most folks on the street were looking for a number north of 4 million hence stocks have actually improved since data released. https://t.co/asiUyltSdb— Charles V Payne (@cvpayne) March 26, 2020
"There's nothing fundamentally wrong with our economy, quite the contrary," Federal Reserve Chairman Powell tells @TODAYShow, while acknowledging that "We may well be in a recession." https://t.co/z2V3uLXjb8— NBC News (@NBCNews) March 26, 2020
Jobless claims shatter recordhttps://t.co/qeljQY8FRa— Fox News (@FoxNews) March 26, 2020