Initial jobless claims surged to record 3.3M last week as coronavirus takes heavy toll on economy

Unemployment benefit applications surged to a record 3.3 million last week, vivid evidence of the coronavirus’s damage to the economy

The actual total was on the higher side and so could roil stocks, says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. Markets had surged this week after plunging more than 30% from its all-time high in mid-February as the outbreak spread on hopes Congress will pass a $2 trillion relief package for American households and businesses. The Senate approved the measure late Wednesday.

The concern is that “layoffs are just starting,” says economist Kathy Bostjancic of Oxford Economics.

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