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US weekly unemployment claims surpass record-breaking 3 MILLION
The US Labor Department reported on Friday a record number of jobless claims which surged to 3.28 million. The number shatters the Great Recession peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982.
The surge in unemployment comes amid a global economic slowdown caused by the coronavirus pandemic, as businesses across the US are on lockdown in an effort to contain the outbreak.
The number of claims is much worse than expected as economists surveyed by Dow Jones projected 1.5 million new claims. Individual forecasts on Wall Street anticipated a much higher number.
Also on rt.com US braces for SHOCKING unemployment numbers as jobless claims could reach 4 MILLION
According to statistics, the four-week moving average, which smooths out weekly distortions, was 1,731,000. That is an increase of 27,500 from the previous week’s revised average.
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