Economist: 'Depression-magnitude' job losses coming
The coronavirus outbreak, or COVID-19, is pushing the U.S. economy further into historic territory.
The economy saw an unprecedented 6.648 million people applying for unemployment claims for the week ending March 28 when initial jobless claims came out on Thursday. On Friday the March jobs reports showed that the economy shed 701,000 jobs when economists were expecting a decline of 100,000.
“The monthly payroll jobs report has been upstaged by the last two weeks of unemployment claims applications totaling nearly ten million,” Chris Rupkey, MUFG managing director and chief financial economist, wrote in a note on Friday. “The 701 thousand lost payroll jobs is just a down payment on the immense losses that are already here and have yet to be counted. What is next month's figure going to be? Down 9 million? Down 15 million... The country is literally shutting down.”
Markets ended down on Friday, with the Dow down 1.69%, the S&P 500 down 1.51% and the Nasdaq 1.53%.
https://finance.yahoo.com/news/coronavirus-economist-the-economy-has-fallen-into-the-abyss-134836246.html
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