It was another dismal initial claims report, with 6.606 million jobless claims filed for the week ending April 4 (Briefing.com consensus 5.000 million), bringing the three-week total to 16,780,000 after revisions.

Continuing claims for the week ending March 28 hit a record high 7.455 million.

The four-week moving average for initial claims increased by 1,598,750 to 4,265,500.

The four-week moving average for continuing claims increased by 1,439,000 to 3,500,00.

On an unadjusted basis, initial claims were highest in the states of California (925,450), Georgia (388,175), Michigan (384,844), New York (345,246), and Texas (313,832).

The key takeaway from the jobless claims data is that the number of filings is simply astounding and a true sign of the vast impact of the sudden economic stop. Unfortunately, it likely still doesn't capture the fullness of the impact as it's reasonable to assume that the system for filing claims is overwhelmed and not facilitating every effort to file for jobless benefits.