The figure released Thursday comes on the heels of the U.S. Senate passing expanded unemployment insurance.

The U.S. Department of Labor reported Thursday that 3.23 million people filed for unemployment insurance for the week ending March 21, an increase of more than 3 million from the previous week. The rising number is a direct result of business closures across the country due to the spread of COVID-19.

The all-time previous weekly high was 695,000, meaning last week saw more than four times the amount of unemployment insurance claims.

“Last week provided our first indication of just how severe the shutdown of the U.S. economy could be, as Americans combat the ongoing spread of the coronavirus,” Mike Fratantoni, the senior vice president and chief economist of the Mortgage Bankers Association said, in a statement. “With respect to the job market, the Labor Department this morning announced that almost 3.3 million Americans filed for unemployment last week — an increase of three million compared to the prior week. These layoffs will lead to real hardships for millions of households across the country.”

On Wednesday, the U.S. Senate unanimously passed a stimulus bill that increases unemployment insurance to $600 per week and expands coverage to freelance and gig economy workers, including real estate agents.

Developing…

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×