Claims for unemployment benefits spike as coronavirus forces thousands of layoffs

The number of Americans who applied for unemployment benefits soared last week as businesses shuttered because of the coronavirus pandemic began laying off workers.

Weekly claims for unemployment insurance rose to 281,000 between March 8 and 14, spiking 70,000 from the 211,000 applications for jobless benefits filed between March 1 and 7.

The sharp rise in claims for unemployment insurance comes as businesses in the entertainment, restaurant and bar, travel, retail, and hospitality industries face mandatory closures across the U.S. as the coronavirus pandemic escalates. Continue reading.