"This reversal of economic fortune has caused a level of pain that is hard to capture in words," said Fed Chair Jerome Powell.
"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.
Hassett also expects the US unemployment rate, due to be published next month to soar to 16-17%. By comparison, US unemployment was 4.4% in March.
There is "probably no single metric you can look at" to better get a broad sense of how the economy is doing than unemployment, said Jason Thomas.
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.