The department of labor data from this morning confirmed that 5.2 million more workers filed for unemployment last week, bringing the four-week grand total to 22 million. If you couldn’t tell by the chart above, that’s a lot.
Here’s how The New York Times reported the figures:
Even as political leaders wrangle over how and when to restart the American economy, the coronavirus pandemic’s devastation became more evident Thursday with more than 5.2 million workers added to the tally of the unemployed.
In the last four weeks, the economy has lost about 22 million jobs, roughly the net number created in a nine-and-a-half-year stretch that began after the last recession and ended with the pandemic’s arrival.
The latest figure from the Labor Department, reflecting last week’s initial unemployment claims, underscores how the downdraft has spread to every corner of the economy: hotels and restaurants, mass retailers, manufacturers and white-collar strongholds like law firms.
“There’s nowhere to hide,” said Diane Swonk, chief economist at Grant Thornton in Chicago. “This is the deepest, fastest, most broad-based recession we’ve ever seen.”Source: The New York Times
Stay safe out there, you guys. Charge ahead.