Jobless Numbers Are 'Eye-Watering' but Understate the Crisis
The grim economic toll from the coronavirus pandemic jumped on Thursday when the government reported an additional 4.4 million people filed new unemployment claims last week, bringing the five-week total to more than 26 million.
The relentless increase in the jobless ranks has intensified the debate over when to lift restrictions that have helped halt the virus’s rapid spread but placed the economy in a stranglehold.
The weekly tally for new filers dropped from the previous week. Still, as Torsten Slok, chief international economist at Deutsche Bank Securities, said, “At all levels, it’s eye-watering numbers.” Nearly one in six American workers has lost a job in recent weeks.
As large as the latest figures from the Labor Department are, they still don’t capture the full extent of the layoffs because of continuing lags in processing claims.
https://www.msn.com/en-us/money/markets/jobless-numbers-are-eye-watering-but-understate-the-crisis/ar-BB135RMV?li=BBnbfcN
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