On Thursday, we learned that initial filings for unemployment insurance totaled a record 6.648 million for the week ending March 28, more than doubling the prior week’s reported total of 3.238 million that had also marked a record high. Distressingly, last week’s data was also revised higher on Thursday to 3.307 million.
And while the labor market fallout from the coronavirus-related economic hard-stop we’re experiencing has been the most abrupt and severe so far, economists at Bank of America Global Research believe the broader economic downturn we’re entering will result in the worst recession in modern U.S. history.
