Article 519MC Unemployment caused by coronavirus will leave deep scars in US

Unemployment caused by coronavirus will leave deep scars in US

by
Larry Elliott Economics editor
from Economics | The Guardian on (#519MC)

Jobless claims are smashing all known records during this unprecedented crisis

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The surge in unemployment in the United States caused by the Covid-19 pandemic shatters all previous records. In its time, the world's biggest economy has seen some savage shake-outs of its labour market but nothing that remotely compares to what has just happened.

Jobless claims in the week ending 21 March surged to almost 3.3m, which was double what Wall Street analysts had collectively been expecting. The previous worst total in October 1982 was just one fifth of last week's level.

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