The number of Americans who filed claims for unemployment benefits surged to a record 3.3 million last week, and that figure doubled this week when the Labor Department reported 6.6 million claims as the coronavirus pandemic continued to spark massive layoffs and furloughs across the nation. U.S. stocks, hammered by steep declines Wednesday, were modestly higher in early trading Thursday.
“Sadly, we’re only at the start of this process,” said James McCann, senior global economist at Aberdeen Standard Investments. “When we look at all the jobs at direct risk from social distancing policies, and those which could be affected indirectly, the numbers start to get pretty scary.”
