The Latest: 3.3M US jobless claims tops record set in 1982
Last week, 3.3 million Americans applied for unemployment benefits as a result of their place of employment closing amid the pandemic, which is more than quadruple the previous record set in 1982. China has also expressed discontent with the “Wuhan virus” name for the COVID-19 virus, and the Health Minister of Romania has resigned.
Unfortunately, the dramatic increase in unemployment benefits applications signifies that the US economy is sinking into a deep recession as businesses such as hotels, movie theaters, restaurants, and gyms collapse due to government-mandated closures. In Europe, Spain continues to experience the greatest increase in new cases each day.