COVID Claims 22 Million Jobs

COVID Claims 22 Million Jobs

(AmericanProsperity.com) – In just one month, all the jobs gained since the Great Recession have been wiped out. On Thursday, the Labor Department reported over 5.2 million Americans filed new unemployment claims last week. That brings the total claims to 22 million, which means at least 13.25% of employed workers lost their jobs in a single month.

At the current pace, the economy is losing 33,000 jobs every hour of every day. That doesn’t include self-employed or independent contractors in some states who are not working. The unemployment systems are just beginning to incorporate them.

The 5.2 million claims were slightly above the projected 5 million that economists anticipated.

While unemployment claims dropped from the previous two weeks, it demonstrates the consequences of state-induced government shutdowns of non-essential businesses to combat COVID-19 are profound. A primary concern for economists is there’s no way of knowing how many unemployed will be rehired when the shutdowns end. For now, the unemployment rate is expected to rise between 15% – 20% for April.

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