Weekly jobless claims jumped by 6.6 million people this week after leading economists say the US economy lost 10% of its total workforce since the Coronavirus outbreak began back in January and February.
“Jobless rolls continued to swell due to the coronavirus shutdown, with 6.6 million Americans filing first-time unemployment claims last week, the Labor Department reported Thursday,” reports CNBC.
“That brings the total claims over the past three weeks to more than 16 million. If you compare those claims to the 151 million people on payrolls in the last monthly employment report, that means the U.S. has lost 10% of the workforce in three weeks,” adds the website.
Despite the staggering loss of private payroll, the stock market continued to recover Thursday; rising more than 500 points in early morning trading.
Read the full report here.