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Weekly initial claims for unemployment insurance jumped sharply for the week ending March 14, rising 70,000 to 281,000, the highest level since September 2017. The four-week average came in at 232,250 versus 215,750 in the prior week (see top chart).
According to the Employment and Training Administration within the Department of Labor, "During the week ending March 14, the increase in initial claims are clearly attributable to impacts from the COVID-19 virus. A number of states specifically cited COVID-19 related layoffs, while many states reported increased layoffs in service-related industries broadly and