NEW: More than 5.2 million Americans filed for unemployment benefits last week.
It was six million the week before. Another six million the week before that.
We now know that 22 million Americans have become unemployed in a month.
That’s a staggering 13.6% of the labour force.
It was six million the week before. Another six million the week before that.
We now know that 22 million Americans have become unemployed in a month.
That’s a staggering 13.6% of the labour force.
At the start of the year, US unemployed was at around 3.5%. We can probably assume this means that unemployment rate in America is now north of 15-16%, perhaps one in six of the labour force.
If it doesn’t bounce back quickly, it’s an economic catastrophe.
If it doesn’t bounce back quickly, it’s an economic catastrophe.
The 22 million is nearly as many as every job gained in the US since the 2008 crash.
For comparison to 2008, 8.5 million jobs were lost in America in that crisis. The US has lost going on for three times that figure in a month.
