As businesses remain closed during the coronavirus pandemic, an unrelenting jobs crisis continues to push Americans onto unemployment rolls.
Another 5.2 million workers filed for their first week of unemployment benefits last week, according to the US Department of Labor, bringing the total number of Americans who have filed initial jobless claims to around 22 million, or roughly 13.5% of the labor force, since March 14.
Overall, the last four weeks have marked the largest and most dramatic rise in claims on record since the Labor Department started tracking the data in 1967.
Other jobs crises have played out far more slowly. In the Great Recession, for example, it took two years for 8.6 million Americans to lose their jobs.
Many economists believe that spike in unemployment will be temporary and that many — but not all — of the lost jobs will come back when the coronavirus crisis is over. But ultimately, their forecasts are highly uncertain, and the economic recovery will depend on the course of the virus.
A shock to America’s unemployment system
Meanwhile, skyrocketing claims continue to overwhelm state labor departments. Many state agencies are hiring additional workers and rushing to push out technology updates to tend to the applications.
Soon, some states are also expected to run low on funding for unemployment benefits.
Six states — including New York, which has the highest number of cases in the US — can only fund up to 10 weeks of unemployment benefits from their state coffers before money runs out and they have to turn to the federal government for additional funding, according to a recent estimate from the Tax Foundation.
Congress also extended unemployment benefits to include self-employed people and gig workers. Many of those workers have said they’re struggling to access those benefits, however, because of processing delays and systems that were not equipped to handle applications from self-employed workers.
This is a developing story. It will be updated-— CNN’s Tami Luhby and CNN Business’ Clare Duffy contributed to this report.