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Record 22 million have sought unemployment aid in past month

Record 22 million have sought unemployment aid in past month

Associated Press
2020-04-16 05:40:00

The wave of layoffs that has engulfed the U.S. economy since the coronavirus struck forced 5.2 million more people to seek unemployment benefits last week, the government reported Thursday.

Roughly 22 million have sought jobless benefits in the past month — easily the worst stretch of U.S. job losses on record. All told, roughly nearly 12 million people are now receiving unemployment checks, roughly matching the peak reached in January 2010, shortly after the Great Recession officially ended.

All businesses deemed nonessential have been closed in nearly every state as the economy has virtually shut down. Deep job losses have been inflicted across nearly every industry. Some economists say the unemployment rate could reach as high as 20% in April, which would be the highest rate since the Great Depression of the 1930s. By comparison, unemployment never topped 10% during the Great Recession.

Layoffs are spreading beyond service industries like hotels, bars and restaurants, which absorbed the brunt of the initial job cuts, into white collar professional occupations, including software programmers, construction workers and sales people.

Collectively, the job cuts could produce unemployment on an epic scale. Up…



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