The coronavirus unemployment plunge hit the Great Recession's peak in just 10 days
The COVID-19 unemployment plunge is, yet again, like nothing we've ever seen before.
More than 6.6 million Americans filed initial jobless claims last week, the Labor Department reported Thursday, adding to the record 3.3 million who filed the week before. That leaves at least 9.9 million people out of work, far higher than the 2008 Great Recession's peak of 7.7 million as new coronavirus cases continue to grow. And as The Atlantic's Derek Thompson pointed out with a graph from the Federal Reserve Bank of St. Louis, that means the labor market "is contracting at the rate of one Great Recession per 10 days."
Thursday's report far surpassed expectations of 3.1 million more unemployment claims being filed in the last week, and the coronavirus pandemic is still far from over.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
'Musk's reliance on China draws rising scrutiny'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Biba: the story of a 'legendary emporium'
The Week Recommends Brand's 60th anniversary is being marked with retrospective celebrating the 'iconic shop's cultural importance'
By Adrienne Wyper, The Week UK Published
-
How the Russia-Ukraine conflict has spread to Africa
The Explainer Ukraine is attempting to strengthen its alliances on the continent to counter Russia's growing presence
By Richard Windsor, The Week UK Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published