US Jobless Claims Hits Unadjusted Record of 2.89 Million; Up Over 1,000%

According to the US Department of Labor the week ending March 21, seasonally adjusted initial jobless claims was 3,283,000, an increase of 3,001,000 from the previous week’s revised level. Setting a record level of seasonally adjusted initial claims, from the previous high of 695,000 in October of 1982. The 4-week moving average was 998,250, an increase of 765,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 232,250 to 232,500.

The unadjusted number came in at 2,898,450 for the week, an increase of 2,647,034 (or 1,052.9%) from the previous week.

This on the heels of a $2 trillion stimulus package passed Wednesday, that has $500B earmarked in direct payments and unemployment enhancements to combat the economic crisis caused by the virus.

At the time of publishing, the Dow Futures are down 1.17% to $20,780.

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