The chart says it all.
The numbers: The number of Americans who applied for unemployment benefits last week rocketed to a record 3.28 million as large parts of the U.S. economy shut down and companies laid off scores of workers to cope with the coronavirus pandemic.
Wall Street was bracing for a terrible number. Economists polled by MarketWatch had forecast a 2.5 million increase. Just a few weeks ago, new clams hovered near a 50-year low. A deluge of additional layoffs are still coming. Americans who work at airlines, retailers, restaurants, hotels, theaters and travel agencies are particularly vulnerable. Small businesses with limited financial resources are also hurting.Big picture: The U.S. labor market was arguably the strongest in half a century just a few weeks ago, but it could quickly deteriorate to recessionary levels.
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