US Sees More Than 10,400,000 March Unemployment Claims - 6.6 Million Claims The Week Ending March 28th Alone

The start of the hysteria driven depression appears to have hit the United States as more than 10.4 million unemployment claims were filed including 6.6 million during the last full week alone. These figures are "seasonally adjusted" meaning the actual numbers may be far more dire. During the worst week for unemployment claims during last decade's US "great recession" the number of claims remained under six hundred thousand.

This leaves the impact of the present hysteric crisis an order of magnitude more destructive than that time the US stopped having lending standards for home buyers and the demand for insurance on mortgaged back securities outgrew the supply of mortgage backed securities by twenty times. The USG's Bureau of Labor Statistics reported the total unemployed portion of the US labor force in February as, a now relatively small, 5.8 million.

Amid this uncharted economic collapse, the Saint Louis Federal Reserve published a blog post back on March 24th estimating US unemployment could hit a "Great Depression" exceeding 32.1 percent (archived). Welcome to the new, Greatest Depression. Sorry for your loss.

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