The US unemployment numbers skyrocket again. How bad is it? John Iadarola and Ryan Grim break it down on The Damage Report. Follow The Damage Report on Facebook: Help build the Home of the Progressives
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"The US Department of Labor registered more than 6.6 million initial unemployment insurance claims for the week ending March 28, according to data newly reported on Thursday morning.
That easily surpasses the previous record, set in last Thursday’s release, which in turn shattered all previous records for initial unemployment filings. And there’s little reason to believe that next week’s report will be any better, with several large states including Georgia and Florida only now moving to adopt the kind of shutdown policies that began on the West Coast earlier in March.
To the best of our knowledge (the official unemployment numbers for March won’t come out until Friday, and they won’t properly account for the layoffs in the final week of the month), this is not yet the highest level of actual unemployment in recent history, with the Great Recession and the brief but intense recession of the early 1980s both seeing double-digit unemployment rates. But the high unemployment of those recessions reflected the accretion of months of job losses.
This time around, the American job market was, as recently as the second week of March, totally fine. (The unemployment rate in February was 3.5 percent.) And then it began to unravel at a shocking pace, with huge swaths of the retail, food service, hospitality, and transportation industries shutting down."
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