The coronavirus pandemic has led to a record-shattering surge in weekly unemployment claims that easily surpassed the worst weekly numbers reported during previous recessions.
In all, a total of 3.3 million Americans filed unemployment claims in the last week, more than quadrupling the previous record of 600,000 weekly jobless claims.
To get a handle on how big this number is, Bloomberg Businessweek editor Joe Weisenthal posted a chart comparing the current surge to surges from past recessions — and it showed that not even the 2008 Great Recession could compare to the current economic carnage.
“Previous crises and recessions are barely a blip on this chart,” he commented.
Horrific economic toll. 3.2 million initial weekly jobless claims in one week. Previous crises and recessions are barely a blip on this chart. pic.twitter.com/DzMMhkJCMa
— Joe Weisenthal (@TheStalwart) March 26, 2020