US economy and stock market analysis: Chart of the week

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Jobless claims soar

The chart below may seem like an error, but that is an accurate depiction of the brutal reality imposed by the COVID-19 pandemic. Nearly 7 million initial jobless claims were filed during the week of March 28, following 3,283,000 claims during the week of March 21. Those totals blew away the previous record of 695,000 set in October 1982. The Labor Department noted that workers from the services industries (the accommodations and food services industries in particular) represented a significant portion of the claims.

Source: Federal Reserve, as of April 2, 2020.

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