3.3 Million Americans Applied for Unemployment

According to WILX, Nearly 3.3. million Americans applied for unemployment benefits last week, almost five times the previous record set in 1982.

The surge in weekly applications was a stunning reflection of the damage the viral outbreak is inflicting on the economy. Filings for unemployment aid generally reflect the pace of layoffs.

Layoffs are sure to accelerate as the U.S. economy sinks into a recession. Revenue has collapsed at restaurants, hotels, movie theaters, gyms and airlines.

Auto sales are plummeting, and car makers have closed factories. Most such employers face loan payments and other fixed costs, so they're cutting jobs to save money.

As job losses mount, some economists say the nation's unemployment rate could approach 13% by May. By comparison, the highest jobless rate during the Great Recession, which ended in 2009, was 10 percent.

Recently, the Labor Department said 3.283 million people applied for unemployment benefits last week, up from 282,000 during the previous week. Please click on the above link for more information.