U.S. Unemployment Claims Soar to Record-Breaking 3.3 Million During Coronavirus Crisis

Thursday, March 26, 2020

GoLocalPDX News Team

U.S. Unemployment trends

The United States Department of Labor is reporting Thursday that unemployment claims have soared to record highs -- over 3 million Americans filed for unemployment for the latest reported week during the coronavirus crisis.

According to DOL, in the week ending March 21, the advance figure for seasonally adjusted initial claims was 3,283,000, an increase of 3,001,000 from the previous week's revised level.

This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. The previous high was 695,000 in October of 1982.

“We haven’t seen this big of a free fall before,” said Keith Hall, former director of the Congressional Budget Office and adviser to President George W. Bush in an interview with the Wall Street Journal. “Not even during the Depression…It’s really like an instant Great Recession.”

More Data

The previous week's level was revised up by 1,000 from 281,000 to 282,000.

The 4-week moving average was 998,250, an increase of 765,750 from the previous week's revised average. The previous week's average was revised up by 250 from 232,250 to 232,500.

The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending March 14, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending March 14 was 1,803,000, an increase of 101,000 from the previous week's revised level.

This is the highest level for insured unemployment since April 14, 2018 when it was 1,824,000. The previous week's level was revised up 1,000 from 1,701,000 to 1,702,000.

The 4-week moving average was 1,731,000, an increase of 27,500 from the previous week's revised average. The previous week's average was revised up by 250 from 1,703,250 to 1,703,500.