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U.S. Unemployment Numbers Eclipse Expectations

The U.S. Labor Department is reporting a record-breaking total of 3.3-million unemployment claims for the week ending March 21. The previous record was below 700,000.

Experts estimated that the peak would be around 1.5-million claims, but because the coronavirus pandemic has caused businesses and the economy to shut down the number was doubled. Federal Reserve Chairman Jerome Powell says we’re in a unique situation with a possibility for a good rebound, but it depends on how quickly we gain control over the spread of COVID-19.