It's taken the coronavirus 1 month to wipe out nearly all of the 23 million new jobs created since the Great Recession.
The government on Thursday reported that another 5.25 million people applied for unemployment benefits in the second week of April, bringing new jobless claims in the past month to 22 million. Extrapolating from the information, Wall Street DJIA, +1.97% economists estimate the unemployment rate has leaped to record 15% or even higher.
So: 23.3 million new jobs were created since 2010 — and 22 million jobs have vanished since mid-March. The jobless claims figures are especially problematic. For one thing, about 900,000 new jobless claims would have been filed in the past month even if there had been no coronavirus crisis. As such that would mean fresh job losses tied to the pandemic are probably closer to 21 million.On the flip side, many states are still struggling to process a record number of claims or have rejected applicants who were made eligible for the first time by a federal bailout package.
If your head is spinning, don’t worry. Soon it will be a moot point anyway. New jobless claims are expected to rise by several million in each of the next few weeks and drive the total during the pandemic to 25 million or higher.
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