3/26, 1:31 PM (Source: TeleTrader)
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US jobless claims surge to record 3.3M amid COVID-19 pandemic

Initial jobless claims in the United States soared by 3,001,000 to a record-high of 3,283,000 in the week ending March 21 as a result of the coronavirus outbreak and its impact, the US Department of Labor stated in a report released on Thursday. The report stressed that jobs in accommodation and food services were most affected by the pandemic.

Previously, the largest weekly number of jobless claims had been recorded in 1982 and stood at just under 700,000.

The insured unemployment rate remained unchanged on a weekly basis at 1.2% for the week ending March 14. Meanwhile, the seasonally adjusted insured unemployment during the same week was 1,803,000, jumping by 101,000 from the previous week's revised level. The four-week moving average amounted to 1,731,000, a rise of 27,500 from the previous week's revised figure.

Breaking the News / NP