Source: NPR

Nearly 3 million people filed for unemployment benefits last week – bringing the total to 36.5 million in the past eight weeks, the Labor Department said Thursday.

It’s the latest sign of the economic damage from the coronavirus crisis.

The unemployment rate shot up to 14.7% last month – the highest level since the Great Depression.

In February, before the coronavirus shutdowns took hold, unemployment was at a nearly 50-year low of 3.5%. On Wednesday, Federal Reserve Chairman Jerome Powell painted a grim picture for the economy.

Full Story @ NPR