The numbers out of Washington related to the coronavirus pandemic hit home especially hard last week.
The U.S. Department of Labor reported Thursday another 4.4 million Americans filed for initial jobless claims last week, revealing that at least 26 million people have requested unemployment benefits since the outbreak of the coronavirus pandemic.
In just one month, all job gains since the Great Recession have disappeared, according to new data released Thursday by the Department of Labor. The economy had created around 22 million jobs since 2010, during a historic decade of economic expansion that came to an abrupt end in February.
In recent days, President Donald Trump has suggested several states could ease some of the restrictions they have put in place to mitigate the spread of the deadly virus.
A week ago, he and his advisers released guidelines for re-opening the country. They suggest governors should decide when to ease restrictions. Since then, there has been confusion and controversy about testing and timetables.
Over the last three weeks, initial jobless claims have declined, but they are still jaw-dropping totals. Many economists worry that, as the crisis continues, there could be a second wave of layoffs and applications for unemployment benefits.
