Initial unemployment insurance (UI) claims for the week ending last Saturday, March 14, showed an increase in initial UI claims of 70,000 from the prior week—from 211,000 to 281,000. This was the first official labor market data release to show the early signs of the coronavirus shock. Prior to this week, unemployment insurance claims had been hovering between roughly 210,000 and 230,000 for more than two years. The jump last week was the biggest one-week increase since 2012 (and with an increase of 33%, it was the biggest increase in percent terms since 1992—bigger than anything we saw during the Great Recession). For comparison, the increase of 70,000 last week was slightly more than the increase of 61,000 due to Hurricane Harvey in the week ending September 2, 2017.