(DAILY TORCH) Unemployment claims hit an all-time record at 6.6 million last week amid the national lockdown to combat the Chinese coronavirus and save as many lives as possible. 45 states have issued stay at home orders in their states, including 38 that have issued them for the entire state, effectively shutting down their economies. All 50 states have closed schools.
That brings the total of unemployment claims for the past two weeks up to about 10 million, already dwarfing the total job losses in the financial crisis and 2007-2009 recession, which topped 8.3 million in Dec. 2009. Those losses took about three years to be realized as mortgage markets cratered and property values plummeted.
The losses are already bringing what was the lowest unemployment rate in 50 years at 3.5 percent in February, to 4.4 percent in March almost instantaneously and still rising.
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