(AmericanProsperity.com) – Unemployment claims soared to shocking record highs as federal and state governments shut down businesses to fight the COVID-19 pandemic. The newest numbers, released Thursday morning by the Labor Department, surged to 3.28 million. This figure blows the previous unemployment record of 695,000, set in 1982, out of the water.
— CNBC (@CNBC) March 26, 2020
Restaurants, bars, retail outlets, hotels, airlines, automakers, and entertainment venues across the country have all been hit hard by COVID-19. Pennsylvania, which has reported the highest number of jobless claims at over 378,900, was the first to mandate closures of these “non-essential businesses.” Trailing right behind is Ohio at 187,000 and California with 186,000 claims.
On Thursday morning, Federal Reserve Chairman Jerome Powell said we may be in a recession. However, he stressed that there isn’t anything “fundamentally wrong” with the economy. He said if the virus gets under control, the economy will vigorously rebound.
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