US unemployment claims rise 3 million in 1 week

Mar 26, 2020

A man rides his bike in front of the New York Stock Exchange, (NYSE) as the coronavirus disease (COVID-19) outbreak continues in New York City, New York, U.S., March 23, 2020. REUTERS/Mike Segar

The rise is the biggest in US history.

Image: REUTERS/Mike Segar - HP1EG3N179Q03

Joe Myers

Writer, Forum Stories

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Nearly 3.3 million initial unemployment claims were made in the US last week.
The jump in seasonally adjusted claims is the largest in US history.
The rise is attributed to the impact of COVID-19.

Nearly 3.3 million initial unemployment claims were made in the US last week, according to new Department of Labor data. That figure represents a jump of 3 million from the previous week's level, and the highest level of seasonally adjusted claims in the country's history.

The previous high? 695,000.

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The Department explained that the increase in initial claims is due to the impact of COVID-19. Service industries, in particular accommodation and food services, were especially badly hit.

This chart shows just how extraordinary the jump is.

(Look for the near vertical line on the far right.)

The vertical line on the far right shows the steep jump in jobless claims in one week in the US. Image: Federal Reserve Economic Data

$2 trillion package

The news came shortly after the US Senate passed a $2 trillion coronavirus aid bill. The package represents the largest economic stimulus in US history.

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What is the World Economic Forum doing about the coronavirus outbreak?

The US is battling the impact of the virus, with nearly 70,000 confirmed cases (correct as of 14.30 GMT). The World Health Organization warned earlier in this week that the US could become the next epicentre of the pandemic.

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