Off the chart

I honesty thought weeks of unrelenting news headlines had finally lost their ability to shock me. That is until the New York Times published the following graph today.

A staggering 6.6 million people applied for unemployment benefits in the USA last week. In just two weeks, the Coronavirus pandemic has left nearly 10 million Americans out of work, more than in the worst months of the last recession. The data is literally “off the chart”.

It’s simply beyond comprehension. What normally takes months or quarters to happen in a recession is happening in a matter of weeks. I sincerely hope that a few months from now, these numbers are reversing just as dramatically.

UPDATE: 10 April

Numbers released on Thursday by the world's largest economy showed that 6.6 million American workers applied for unemployment benefits last week, on top of more than 10 million in the two weeks before that. That amounts to about 1 in 10 US workers losing their jobs in less than a month. This is the biggest and fastest pile-up of job losses since record-keeping began in 1948. California alone has averaged more than one million jobless claims each week.