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London (CNN Business) A wave of layoffs has gripped the American economy in the past week as bars, restaurants and shops shut down across the country, part of unprecedented efforts to control the spread of the coronavirus and keep health care systems afloat.

On Thursday, investors got a sense of just how much damage is being done.

Initial jobless claims soared to a seasonally adjusted 3.28 million in the week ended March 21, according to the Department of Labor.

That is the highest number of initial jobless claims in history, since the agency started tracking the data in 1967. The previous high was 695,000 claims filed in the week ending October 2, 1982.

The jump marked a massive increase from a revised 282,000 claims in the prior week. Prior to the pandemic, initial claims had been hovering in the low 200,000s each week, reflecting a strong job market.

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