The good news: If we can survive this, we can survive anything.
The bad news: new unemployment claims soared to 3,283,000, as American workers felt the full impact of the global coronavirus pandemic for the first time.
Just 20 days ago, the U.S. was celebrating a “blockbuster” jobs report that many called the best ever. Unemployment tied a record low of 3.5%, and the economy added 273,000 new jobs, smashing expectations of 175,000.
Even last week, before the impact of coronavirus had fully been measured — since jobless claims are reported the week after they are filed — unemployment claims had risen to only 281,000. This week: 3 million more.
A sobering thought: economists tell us that job losses happen quickly in a downturn, and job gains only happen slowly in a recovery.
But there is also hope on the horizon: the American economy was in such good shape as coronavirus