(CBS News/AP) — Another 3.8 million U.S. workers filed for unemployment insurance benefits last week, bringing the total number of Americans who have sought jobless aid since March to at least 30 million. All told, the layoffs amount to the fastest loss of jobs on record.
‘This is a decline from the week before, but still more than five times the previous all-time high,” Nick Bunker, director of the Indeed Hiring Lab, said in a statement. “A number in the low millions may be a relief compared to earlier this month, but it’s objectively a horrifying statistic.”
During the week ending April 23, Florida saw the largest jump in jobless claims around the U.S., with 326,000 new claims, the Labor Department said Thursday.
Across nearly every industry, non-essential businesses have closed during the coronavirus outbreak and workers have been sent home with no clear idea of when they’ll return. Although governors in some states have begun allowing businesses to reopen under certain restrictions, a full economic recovery may be months, or even years, off, analysts say.
For April, economists say the unemployment rate could reach as high as 20%. That would be the highest rate since the Great Depression, when it peaked at 25%.