Here Is a Real Thing Someone Tweeted About Mass Unemployment Today
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Here Is a Real Thing Someone Tweeted About Mass Unemployment Today
It was announced this morning that 6.6 million people had filed for unemployment in America over the past week. How bad is that? This bad:
Horrifying economic data from the U.S.
6.648 million jobless claims in the last week, worse than any of the 40 economists polled by Reuters feared.
This chart goes back to 1967 👇
At unemployment's peak post-Great Recession, there were 7.7 million more officially unemployed people than before the downturn.
In the last two weeks, 9.9 million ppl filed initial jobless claims.
The labor market is contracting at the rate of one Great Recession per 10 days.
10 million new claims for unemployment insurance over 2 weeks. That's around 20 times the normal rate, and understates actual job losses. For comparison, 9 million jobs lost in the Great Recession
JUST IN: 6.6 million workers filed for their first week of unemployment benefits in the week ending March 28 — a new historic high. A week earlier, 3.3 million Americans filed for their first week of benefits, which was the largest number ever at the time.
Here is what Justin Wolfers, an economist at the University of Michigan, had to say about it:
6.6 million filing for unemployment in seven days, 10 million in two weeks....who is to say whether this is bad or good? Truly, it is a mystery.
Wolfers later deleted the tweet.