The US Labour Department is reporting a record setting number of Americans filed for employment insurance last week.
More than 3 million claims were filed in five business days as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, leading to a wave of layoffs.
According to the Labour Department, those 3.28 million claims eclipsed the previous record of 695,000 set in 1982.
3.3 million initial unemployment insurance claims in the United States last week. Truly staggering. https://t.co/GaTmQTn21Y
— Mattias Fibiger (@mefibiger) March 26, 2020
On Thursday, the Federal Reserve alongside US Congress assembled a record $2 trillion economic stimulus package in hopes of keeping the country's economy afloat during the pandemic.
Non-essential businesses in 18 states have been ordered to close, with residents told to stay indoors and self-quarantine.
In Canada, Prime Minister Justin Trudeau has announced an $82 billion economic package will provide $2,000 a month for four months to all Canadians affected by the crisis.
For more information on Canada's economic stimulus package, click here.
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