Five million more applied for unemployment benefits last week
The beatings will continue until morale improves: More than five million people applied for unemployment benefits last week, a jump caused almost entirely by the government shutdown nationwide.
That brings total claims over the four weeks ended April 11 to nearly 22 million workers, erasing the entirety of labor market gains since the 2008 financial crisis, a stunning sign of the colossal economic damage inflicted by the virus outbreak. Before the pandemic, the largest number of Americans to seek jobless aid in a four-week stretch was 2.7 million in the fall of 1982.
With a labor force that totals about 162 million people, that brings the unemployment rate close to 13 percent.
That exceeds the 10 percent peak during the worst of the Great Recession more than a decade ago and tops the previous post-World War II high of 10.8 percent in 1982, bringing the U.S. closer to Depression-era levels of unemployment. A growing number of economists have warned the so-called “Great Lockdown” will push the global economy into the worst recession since the Great Depression.
This by the way is only the beginning. If businesses are not allowed to open in the next week or so, the cascade of new job loses will make these numbers seem tiny.
But hey, we have to prevent even one death from COVID-19, no matter what the cost, even though its overall impact remains comparable to the annual flu.
The beatings will continue until morale improves: More than five million people applied for unemployment benefits last week, a jump caused almost entirely by the government shutdown nationwide.
That brings total claims over the four weeks ended April 11 to nearly 22 million workers, erasing the entirety of labor market gains since the 2008 financial crisis, a stunning sign of the colossal economic damage inflicted by the virus outbreak. Before the pandemic, the largest number of Americans to seek jobless aid in a four-week stretch was 2.7 million in the fall of 1982.
With a labor force that totals about 162 million people, that brings the unemployment rate close to 13 percent.
That exceeds the 10 percent peak during the worst of the Great Recession more than a decade ago and tops the previous post-World War II high of 10.8 percent in 1982, bringing the U.S. closer to Depression-era levels of unemployment. A growing number of economists have warned the so-called “Great Lockdown” will push the global economy into the worst recession since the Great Depression.
This by the way is only the beginning. If businesses are not allowed to open in the next week or so, the cascade of new job loses will make these numbers seem tiny.
But hey, we have to prevent even one death from COVID-19, no matter what the cost, even though its overall impact remains comparable to the annual flu.
