That's a staggering increase
Ohio state jobless claims were at 139,468 compared to 4,815 a week ago. That's a 28x increase.
If you take 200K as the baseline for US initial jobless claims, that implies 5.8m nationally. Some states have locked down on different timelines so that's too high of an estimate but 2-3 million is entirely realistic. That kind of headline is going to be a shock to the market.
