The Labor Department reports nearly 3 million U.S. workers filed initial jobless claims over the week ending May 9. The coronavirus crisis has so far pushed about 36 million U.S. workers to file for unemployment benefits. On Wednesday, Federal Reserve Chair Jerome Powell warned the U.S. economy may face an extended crisis unless Congress provides a massive new round of economic relief.

Jerome Powell: “The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II. We are seeing a severe decline in economic activity and in employment, and already the job gains of the last decade have been erased.”