NEW: another 2.44 million Americans filed for unemployment benefit in the week to May 16th.
The 9 week total is now 38.6 million.
That’s 23.4% of the US workforce.
The 9 week total is now 38.6 million.
That’s 23.4% of the US workforce.
We can’t be sure if all of those are unique individuals. Some may have reregistered. Some may have found work between early wks and now.
Nonetheless seems likely that US unemployment will be close to Great Depression peak of 24.9%.
Bear in mind that peak took years not months.
Nonetheless seems likely that US unemployment will be close to Great Depression peak of 24.9%.
Bear in mind that peak took years not months.
Nicholas Bloom, Stanford University economist has estimated that 42 percent of recent layoffs will result in permanent job losses.
If that proves to be true then US would be looking at 16 million jobless.
If that proves to be true then US would be looking at 16 million jobless.
UK could be in a similar position, depending on what happens with furlough. A similar proportion of the workforce has been put on the scheme. We can’t know how many will be laid off at its end but even if it’s a low % (seems optimistic) would still have much new unemployment.
