All the (number of) jobs created since September 2010 wiped out in a month

[denem]

A record 26 million Americans have filed unemployment claims, data shows

A record 26 million Americans sought unemployment benefits over the last five weeks, confirming that all the jobs created during the longest employment boom in U.S. history were wiped out in about a month as the novel coronavirus savages the economy.

The Labor Department said on Thursday 4.427 million more people applied for unemployment benefits for the first time last week, down from a revised 5.237 million the week before. The median expectation among economists in a Reuters poll was for claims to have fallen to 4.2 million last week, although estimates had ranged as high as 5.5 million.

The latest data brings the cumulative unemployment benefits claims to more than 26 million since the week ending March 21, representing about 16% of the labor force. The economy created 22 million jobs during the employment boom which started in September 2010 and abruptly ended in February this year.

“The U.S. economy is hemorrhaging jobs at a pace and scale never before recorded,” said Scott Anderson, chief economist at Bank of the West in San Francisco. “It compares to a natural disaster on a national scale.”

https://globalnews.ca/news/6857242/a-record-26-million-americans-have-filed-unemployment-claims-data-shows/

trump is finished. It's (still) the economy, stupid.

[uponit7771]

1. K&R, ... and its not going to go back to zero claims within a MONTH !! It'll continually be 1 - 2

... million people at the bottom.

[Wellstone ruled]

2. Reality check for those of us

who live in a State that is almost 100% dependent on Tourist Revenue. The hard fact is,when our Governor sounds the all Clear,the Hospitality Industry Board said,maybe 20% of Industry Workers will be subject to call back. So,that leaves several hundred thousand folks crap out of luck.

Folks,this is going to get worse long before it gets better. And the real damage is going to come from State provided funds for Health and Human Services. State and Local funded Construction Projects will be Cannibalized and that will increase unemployment once again. Just a repeat of 2008 only on Roids.

[Newest Reality]

3. Interdependent...

The word interdependent is not a very commonly used word in capitalism, or at least the kind that generates the propaganda for the working class about the dignity of work, etc. That is where the independent, rugged individual, all on his/her own makes it big through persistence and hard work. They might even become a millionaire or billionaire.

If you see how it works, that both justifies the trust fund babies, confidence men and lucky ones who can then refer to that form of rationalization as justification and incentive.

Now, the reality of interdependence is no longer easily swept under the carpet for the sake of market ideology and the wealthy.

The reason I pointed that out is that everything in our system has some interdependence and I see a potential now for cascading system failures because of the reliance of each industry and business on a host of others from parts to supplies to services. From there, I will predict that we are just seeing the tip of that iceberg and the domino effect will have some very deep and lasting effects on life here in the USA and globally.

It is going to get much worse when that starts to become obvious. It will be one thing after the other and it may take years to recover from something like that.

[denem]

4. "it may take years to recover"

It took 8 years to recover from 2008.

[Newest Reality]

5. Good Point.

I may have been optimistic there. I don't know if it is helpful to be to explicitly negative about this.

It is also possible that we will never recover. By that I mean the problems we are seeing are really about what is already there and now being drawn out and exacerbated by a stressor: the pandemic.

It might even be useless to consider the idea of recovery. Instead, we may have a crux to deal with and life will never be the same in America for most people, at least those who are not holding great wealth and power.

It could go completely down the tubes and finish off our descent into a 3rd-World status, (some writers have indicated that, for the most part we are already there in many ways) or we get a good transformation that brings about sweeping changes in the way this country works for a majority of people. With work and effort, (and the fading away of the GOP as a relevant party) we might turn this crisis and chaos into a much needed opportunity to see some progress in the 21st Century.

The latter could be a long shot, but you never know. If people become more cognizant of their place in it and aware of what is really going on, (sans the propaganda forms of media) and such, then maybe so.