3.3 million unemployment claims 'just the start': Krugman, Roubini, El-Erian - Business Insider

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'A generation-defining moment': Krugman, Roubini, El-Erian warn that the record 3.3 million unemployment claims are 'just the start'

The number of jobless claims was more than 11 times the figure a week earlier, and more than four times the previous record of about 700,000, set in 1982.

Leading economists warned that the dramatic rise dwarfed increases during previous crashes, and cautioned it could herald more pain to come. The 3.28 million figure was a "huge spike" that is "indicative of the ferocity of the sudden stop hitting the US #economy,""Unfortunately it's just the start, highlighting that we're living through a generation-defining moment," he added.

 

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