US weekly jobless claims double to gargantuan 6.6 million

Economists surveyed by Dow Jones had expected 3.1 million for last week, one week after 3.3 million filings in the first wave of what has been a record-shattering swelling of the jobless ranks. The previous week's total was revised higher by 24,000.

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"Sadly, this probably still underestimates the actual numbers because of the overload in the systems and not every call getting through," said Liz Ann Sonders, chief investment strategist at Charles Schwab. "Even if we're accurately calculating the numbers, we still likely have worse to come."

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the sudden shutdown from social distancing policies caused a cascade of joblessness unlike anything the nation has ever seen.

"Not only was the number worse than expected, but with lockdowns becoming stricter and being extended, we should anticipate further surges in jobless claims over the coming weeks," said Seema Shah, chief strategist at Principal Global Investors.