Another 6.6 million Americans filed for unemployment last week, slightly lower than the prior week’s record 6.8 million claims, according to the U.S. Department of Labor. In total, more than 15 million Americans have filed for unemployment since states began issuing stay-at-home orders, shuttering many non-essential businesses.
“The COVID-19 virus continues to impact the number of initial claims and its impact is also reflected in the increasing levels of insured unemployment,” the U.S. Department of Labor said, in the release.
The seasonally-adjusted, insured unemployment rate, was reported at 5.1 percent for the week ending March 28 which was up 3 percentage points from the previous week.
Mark Fleming, the chief economist at First American, called the current crisis, where one in 10 Americans filed for unemployment, “the fastest and strongest service sector shock we have ever seen.”