The number of Americans applying for first-time unemployment benefits jumped last week in a spike tied to the coronavirus pandemic, increasing by 70,000 to 281,000, the fourth-biggest weekly increase on record going back to 1967.
State-level anecdotes suggest jobless claims could hit more than 2 million in next Thursday’s report, an unprecedented level, according to a note from Goldman Sachs.
“I’ve never seen anything like this,” the state labor department official said, noting states convened a call on Thursday to discuss the federal guidelines. At least some states plan to continue reporting the jobless claims figures before the national release, the official said.
