Fri. Mar 31st, 2023

From today’s CNN Online:

The last three weeks have marked one of the most¬†devastating periods in history¬†for the American job market, as first-time claims for unemployment benefits have surged more than 3,000% since early March. Businesses continue to lay off and¬†furlough workers¬†amid the coronavirus outbreak.6.6 million US workers filed for their first week of¬†unemployment benefits¬†in the week ending March 28, according to the¬†Department of Labor¬†‚ÄĒ a new historic high.

That was far greater than economists had expected, and more than 3,000% the pre-pandemic levels. Unemployment claims at this level suggest a severe job market decline hardly any American alive has ever seen in their lifetimes.

Economists characterized the increase as “monstrous,” “stunningly awful,” and “a portrait of disaster.”Including the prior week’s¬†3.3 million initial claims, Americans have filed nearly 10 million jobless claims in the last two weeks alone. That corresponds to roughly 6% of America’s 165 million strong work force, which in turn implies a 9.5% unemployment rate, according to Citi economist Andrew Hollenhorst.

Read the complete article here.

By Editor