The market doesn’t seem to be overly concerned about this (DJIA + 1,351.62 today), probably because it was expected.
A record 3.28 million Americans applied for unemployment benefits last week due to coronavirus
The numbers: The number of Americans who applied for unemployment benefits last week rocketed to a record 3.28 million as large parts of the U.S. economy shut down and companies laid off scores of workers to cope with the coronavirus pandemic.
The seasonally adjusted increase in initial jobless claims from March 15 to March 21 was the largest ever, easily crushing the previous record rise of 695,000 in October 1982. The tally in the prior week was 282,000.
The sudden surge in claims is likely just the beginning. Waves of fresh layoffs are expected with many states ordering nonessential businesses to close.
Wall Street was bracing for a terrible number. Economists polled by MarketWatch had forecast a 2.5 million increase. Just a few weeks ago, new clams hovered near a 50-year low.
The actual or unadjusted number of new claims, meanwhile, was 2.9 million, according to new figures released Thursday by the Labor Department.