"If the current rate of decline continues, claims will dip below 1M in the second or—more likely—third week of June," said economist Ian Shepherdson.
The surge in claims "should push the unemployment rate up to 17% in the April data, a new post-World War II high," wrote Brett Ryan of Deutsche Bank.
"My hope is that we get back to business as usual as quickly as possible," said former Federal Reserve Chair Janet Yellen.
Nearly 17 million jobs could be lost in the second quarter, pushing unemployment to 13%, according to Morgan Stanley's chief economist.
Chris Brightman, chief investment officer at Research Affiliates, says this "huge disinflationary environment" isn't perpetual. Here's how to prepare.
The boost in the number of employed Americans largely tracks with the nation's sluggish population growth as Americans come of age and start working.