TeeRoy's 2 Cent:
- Experts predict 22 million job losses by the end of May.
- The news gets more grim by the day.
- Hopefully when we eventually beat this pandemic, the economy comes roaring back.
A record number of Americans filed for unemployment benefits last week, according to a new Labor Department report released today.
From March 21st through the 28th, 6.6 million out-of-work Americans filed for unemployment. That's twice the amount of the previous week's record-breaking number of 3.3 million and more that what most analysts had predicted. In fact, some experts believe the number of unemployed Americans could actually be much higher since many applicants had trouble filing claims last week.
The Federal Reserve Bank of St. Louis is predicting the unemployment rate to climb to 32 percent. To put that in perspective, unemployment in America was at 24 percent during the Great Depression. (NBC News)