US weekly jobless claims total 6.6M, vs. 3.1M expected

Building on my analysis from last week: 1. This week's 6.6M jobless claims represents ~4% of the estimated ~160-165M US Workforce.

2. This is incremental to the 3.3M jobless claims filed week ending 3/21, totaling ~10M total jobless claims in the past 2 weeks

3. The US unemployment rate was ~3.5% as of EOM February, so cumulatively that means we've hit ~10% unemployment as of EOW 3/28 and that number is likely low (not accounting for gig workers) and almost certainly worsening this week.

[1] https://data.bls.gov/timeseries/LNS14000000

That's cute number...

For the record forecasts ranged from 500 thousand to 6.5 milion..

main discussion: https://news.ycombinator.com/item?id=22758227