In this last week 3.839 million Americans filed for unemployment benefits for the first time!
That brings the six-week total to 30.31 million, which is over 12x the prior worst five-week period in the last 50 + years according to Bloomberg. We have been covering American unemployment numbers since the Coronavirus fallout started. Basically I think they are trying to say this is the worst ever that we have recorded and it makes total sense!
This is also the highest amount of “continuing claims” ever!
Whats odd is even though the numbers are declining now, they were still rising even after the Coronavirus Aid, Relief and Economic Security Act (CARES ACT) was passed on March 27th.
In the last six weeks, more Americans have filed for unemployment than jobs gained during the last decade since the end of the Great Financial Crisis (GFC) in 2009 (22.13 million jobs gained since 2010 and 30.3 million lost in just six weeks)
This new data above, brings us to 434 jobs lost for every confirmed US death from Covid-19 (61,000). Was all of this worth it?
