Numbers show the magnitude of the pandemic.
A record number of American workers applied for unemployment benefits for the week ending March 21, as the coronavirus pandemic hit the U.S., closing businesses and laying off workers.
The 3.28 million workers filing claims is nearly five times the previous record high, ending a decade-long job expansion in the U.S and revealing the magnitude of devastation being wrought by the pandemic.
“This shows the severity of the downturn, and the speed of it,” said Michelle Meyer, head of U.S. economics at Bank of America Corp. “It speaks to the unusual nature of this recession – it is an abrupt plunge into recession versus prior downturns, where the shock has time to multiply. We could have very high numbers continue for the next few weeks.”
Claims increased in all 50 states and the District of Columbia, with nine states reporting jumps of at least 100,000 from the prior week and leading some, like the chief U.S. economist at Deutsche Bank, to say the country is in recession.
With another difficult week underway across the nation, economists project the figure could go as high as 4.4 million.
As the Lord Leads, Pray with Us…
- For the coronavirus to hit its cap so that people might be able to return to work.
- For all that President Trump and his Administration, the coronavirus task force, and Congress are doing to stave off a full-blown economic recession.
Sources: Bloomberg, CNN