[Ed. – Bad news gets worse.]
Weekly initial unemployment claims are on track to spike to a historic 3.4 million for the third week of March, according to an analysis by the left-leaning Economic Policy Institute (EPI).
If the number jumps to that level when the weekly report comes out Thursday, it will far surpass the highest level of weekly initial claims on record.
The last unemployment claims report already saw claims increase by about a third to 281,000, but steps to combat the coronavirus epidemic have ratcheted up dramatically since the period covered by that report.
Late last week, Goldman Sachs predicted that the new claims would spike to 2.25 million, but the EPI count of state-level claims from 35 states and Washington, D.C., already surpassed that figure.