THE COST IN JOBS DUE TO
QUARANTINING THE GENERAL PUBLIC; BEFORE THE CURRENT CRISIS THE MOST WEEKLY UNEMPLOYMENT CLAIMS WAS 695,000 IN 1982.
IN MARCH 2009, DURING THE HEIGHT OF THE FINANCIAL CRISIS, CLAIMS REACHED 665,000. FOR THE WEEK ENDING MARCH 21, UNEMPLOYMENT CLAIMS SOARED TO 3.28 MILLION, VERSUS 1.5 MILLION EXPECTED. WEEKLY JOBLESS CLAIMS SURGED TO A STAGGERING 6.65 MILLION, MORE THAN DOUBLE THE 3.1 MILLION EXPECTED, FOR THE WEEK ENDING MARCH 28, NEARLY TEN TIMES THE HIGHEST LEVEL EVER RECORDED. 6.6 MILLION WEEKLY CLAIMS MEANS THAT 2% OF THE ENTIRE U.S. POPULATION
FILED FOR UNEMPLOYMENT LAST WEEK. “THE SPEED AND MAGNITUDE OF THE LABOR MARKET’S DECLINE IS UNPRECEDENTED,” CONSTANCE HUNTER, CHIEF ECONOMIST AT KPMG LLP, TOLD THE WALL STREET JOURNAL. SOURCE:FORBES
