WASHINGTON, April 9: With a startling 6.6 million people seeking unemployment benefits last week, the United States has reached a grim landmark: More than one in 10 workers have lost their jobs in just the past three weeks to the coronavirus outbreak.
The figures collectively constitute the largest and fastest string of job losses in records dating to 1948. By contrast, during the Great Recession it took 44 weeks — roughly 10 months — for unemployment claims to go as high as they now have in less than a month.
The damage to job markets is extending across the world. The equivalent of 195 million full-time jobs could be lost in the second quarter to business shutdowns caused by the viral outbreak, according to the United Nations’ labor organization. It estimates that global unemployment will rise by 25 million this year. And that doesn’t even count workers on reduced hours and pay. Lockdown measures are affecting nearly 2.7 billion workers — about 81 percent of the global workforce — the agency said.
Around half a billion people could sink into poverty as a result of the economic fallout from the coronavirus unless richer countries act to help developing nations, Oxfam, a leading aid organization, warned Thursday.
In the United States, the job market is quickly unraveling as businesses have shut down across the country. All told, in the past three weeks, 16.8 million Americans have filed for unemployment aid. The surge of jobless claims has overwhelmed state unemployment offices around the country. And still more job cuts are expected.
More than 20 million people may lose jobs this month. The unemployment rate could hit 15% when the April employment report is released in early May.