The record 3.3 million jobless claims reported Thursday mark the beginning of an economic crisis facing American workers and businesses — a slump, experts say, that will only end when the coronavirus pandemic is contained. The economy has entered a deep recession that has echoes of the Great Depression in the way it has devastated so many businesses and consumers, triggering mass layoffs and threatening to set off a chain reaction of bankruptcies and financial losses for companies large and small.

What sets this downturn apart is how rapidly the virus — and the economic pain — have spread. It remains a wide open question whether this will become a long-lasting slump or a short-lived flash recession.

Economists say the jobless claims reported Thursday, which reflected workers seeking unemployment insurance last week, is the start of a massive spike in unemployment that could result in over 40 million Americans losing their jobs by mid-April.

Although no official figures exist yet, the unemployment rate has likely jumped to at least 5.5 percent, says economist Martha Gimbel of Schmidt Futures, a level not seen since 2015 and up from 3.5 percent in February.

“The most terrifying part about this is this is likely just the beginning of the layoffs,” Gimbel said.