1. These figures are only new claims as of 3/21, so the numbers will get worse.
2. This is ~2% of the estimated ~160-165M US Workforce.
3. This is nearly 5x (!) the prior record of 671K new jobless claims from 1982, and redefines the scale for jobless claims. [1]
4. This does not account for the countless gig workers that are part of the modern economy that likely did not file for unemployment since they were not covered prior to the passing of the senate bill last night.
This goes to show just how sharp of an impact the coronavirus pandemic has had relative to past recessions. Even the '08 Financial Crisis took MONTHS to unravel.
1. These figures are only new claims as of 3/21, so the numbers will get worse.
2. This is ~2% of the estimated ~160-165M US Workforce.
3. This is nearly 5x (!) the prior record of 671K new jobless claims from 1982, and redefines the scale for jobless claims. [1]
4. This does not account for the countless gig workers that are part of the modern economy that likely did not file for unemployment since they were not covered prior to the passing of the senate bill last night.
This goes to show just how sharp of an impact the coronavirus pandemic has had relative to past recessions. Even the '08 Financial Crisis took MONTHS to unravel.
[1] https://fred.stlouisfed.org/series/ICSA