by Wolf Richter
This type of sudden, previously unimaginable fall-off-the-cliff data about the lockdown-economy is gut-wrenching.
Today, we got another dose of preliminary fall-off-the-cliff data about the lockdown economy: 6.648 million people filed initial unemployment claims in the week ended March 28, seasonally adjusted, about ten times the prior record set in 1982, according to the US Department of Labor this morning. This is on top of the upwardly revised 3.307 million that had filed during the week before. Combined, this makes for nearly 10 million unemployment claims processed in two weeks: