If a record 3.3 million jobless claims in just one week comes as a shock, the next month is likely to tell an even grimmer tale: Tens of millions of jobs are at stake of disappearing, at least temporarily.
The spike in new applications for unemployment benefits last week didn’t even reveal the full cost of the early efforts to stop the spread of the coronavirus. Some states such as New York, New Jersey and California underreported the number of initial jobless claims. A flood of applications overwhelmed the small staffs who handle the applications and caused government computer systems to crash.
The delayed applications will show up next week,