Ouch!
This Is What Economic Collapse Looks Like
4-3-2020
Approximately ten million Americans have filed new claims for unemployment benefits over the past two weeks. To put that in perspective, the all-time record for a single week before this coronavirus pandemic hit was just 695,000. So needless to say, 6.6 million claims in a single week puts us in uncharted territory. Just check out these charts……..
https://www.zerohedge.com/personal-finance/what-economic-collapse-looks
The U.S. officially lost 701,000 jobs in March, but in reality millions vanished
April 3, 2020
Unemployment rate probably headed toward 10% or even higher
The numbers: The U.S. lost 701,000 jobs in March, the government’s official employment scorecard showed, but the real losses were much greater: At least 10 million jobs and counting as the coronavirus bore down on the economy.
The reported decline in employment was the biggest in 11 years and one of the largest ever, but it’s going to get dwarfed by the job losses in April. The Labor Department’s employment summary for last month was gleaned from a survey of business establishments completed in the second week of March, just before the COVID-19 pandemic began to devastate the economy.
A separate survey of households gave a more accurate view of what was really going on. Employment measured by the household survey showed a 3 million decline in the number of people who said they were working. And 1.6 million people just dropped out of the labor force.
Even those big declines underestimate the carnage, though.
The number of people nationwide who applied for unemployment benefits in the last two weeks of March alone soared by a record 10 million, according to the more recent data on initial jobless claims. Countless Americans have been laid off or furloughed with businesses shutting down across the country to slow the spread of the virus…..
https://www.marketwatch.com/story/the-us-officially-lost-701000-jobs-in-march-but-in-reality-millions-vanished-2020-04-03?mod=home-page