BOLDUAN: U.S. stocks -- let's check on this -- sharply down as America marks two million cases of the coronavirus and Fed Chairman Powell issues a sobering outlook and warning. A look at the big board, the Dow's down more than 1,000. Add to that now that we learned this morning another 1.5 million Americans filed for first-time unemployment benefit last week. The good news is that the number of new claims each week is slowing down. CNN chief business correspondent, Christine Romans, is here to break this down.</s>CHRISTINE ROMANS, CNN CHIEF BUSINESS CORRESPONDENT: Kate, so many jobs lost in the past 12 weeks. Another million and a half workers filed for unemployment benefits for the first time last week. More than 44 million over the past 12 weeks laid off or furloughed. Think of that. That is 27 percent of the labor force. More than one in four workers at the beginning of March has now filed for unemployment benefits. Some states have been hit harder than others. In Georgia, it is 48 percent of a labor force. In Kentucky, 45 percent. In Hawaii, 38 percent. The numbers unprecedented. But the hope is this is the bottom. If you look at what some of the states are reporting, you are seeing fewer layoffs in health care and social assistance. Few layoffs in retail. Now first-time claims have been declining since the peak in that final week of March. We are finally seeing numbers under two million each week. Another thing to pay attention to here, continuing claims. Those count workers who filed for benefits two weeks in a row. That number slipped to 20.9 million last week. Still a huge number. Economists are shifting focus to continuing claiming as a better indicator of the state of the market. But concerns about a second wave is still the bigger risk to the recovery right now -- Kate?</s>BOLDUAN: For sure. Christine, thank you. Coming up for us, President Trump is heading to Texas to hold a roundtable with church and law enforcement leaders. Will he take executive action as calls for police reform grow louder or will he offer any indication of concrete steps to actually support? We'll be right back.
Another 1.5 Million Americans File for Unemployment.