Initial Claims for unemployment benefits in the US jumped to 3,283,000 for the week ending March 21 from 282,000, the data published by the US Department of Labor (DOL) revealed on Thursday.
"During the week ending March 21, the increase in initial claims are due to the impacts of the COVID-19 virus," noted the DOL in its press release. "Nearly every state providing comments cited the COVID-19 virus impacts. States continued to cite services industries broadly, particularly accommodation and food services."
Follow our live coverage of the US data and the market reaction.
Further details of the report showed that Continuing Jobless Claims for the week ending March 14 rose to its highest level since April 14, 2018, at 1,803,000.
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