US initial unemployment claims rise by largest ever

From Trading Economics:

The number of Americans filling for unemployment benefits jumped to 3.28 million in the week ended March 21st, the highest since the series began in 1967 and well above expectations of 1 million. The accommodation and food services sector was the hardest hit, while the health care & social assistance, arts, entertainment & recreation, transportation & warehousing, and manufacturing industries also saw an increase in unemployment. According to unadjusted data, the biggest rises were seen in Pennsylvania (+378,908), Ohio (+187,784) and California (+186,809). The 4-week moving average, which removes week-to-week volatility, also jumped to a record high of 1 million while continuing jobless claims increased to 1.8 million, above consensus of 1.71 million. The report was quite expected by markets as it provides one of the first clues on the economic impact of the coronavirus, when near 1 in 3 Americans are in lockdown and many non-essential businesses were forced to close.