This chart shows how coronavirus jobs losses dwarf those in prior recessions

- Advertisement -
KEY POINTS
  • Job losses since U.S. employment peaked in February represent a decline of more than 14%, according to Labor Department data.
  • That eclipses even the losses seen during the Great Recession, when the U.S. economy lost north of 6% of its peak employment, noted Bill McBride, author of the blog Calculated Risk.
- Advertisement -
- Advertisement -
- Advertisement -

Jobs losses related to the coronavirus and government-imposed business closures designed to slow its spread dwarf employment declines seen during prior U.S. recessions in their speed and intensity.

Losses since U.S. employment peaked in February represent a decline of more than 14%, according to Labor Department data and Bill McBride, author of the blog Calculated Risk. That eclipses even the job losses seen during the Great Recession, when the U.S. economy lost north of 6% of its peak employment from 2007.

The Labor Department’s April 2020 jobs report showed that payrolls plunged by 20.5 million last month while the unemployment rate rocketed to 14.7%, record levels in the post-World War II era.

Many state governments have ordered businesses to close to slow the spread of Covid-19. Governors from New York to California ordered a wide swath of their commerce closed, shuttering bookstores, dine-in restaurants and florists across March and April.

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

Rishi Sunak and Liz Truss: Stakes high for first head-to-head debateon July 24, 2022 at 11:06 pm

The broadcast battle is vital for both candidates, says the BBC's political editor Chris Mason."One is the continuity candidate who stabbed Boris in the...

Belarus border: Scrambling for facts in Europe’s new crisison November 13, 2021 at 12:09 am

Journalists and aid workers are kept away from the bleak spectacle of migrants on the Polish border.

England v Austria: How you rated the players from Euro 2022 opener at Old Traffordon July 6, 2022 at 10:18 pm

How did you rate the players as England begin their Euro 2022 campaign with a win over Austria at Old Trafford?How did you rate...

Winter Olympics: James Woods & the ‘internal battle’ when counter culture meets elite sporton February 1, 2022 at 12:04 am

James Woods left home at 15 to follow his dream. Now he's an 'old man' of a rapidly changing sport, with one more shot...

Oil prices have soared. Why won’t Opec bring them down?on May 3, 2022 at 11:30 pm

Oil prices are at an eight-year high, so why won't oil exporting countries bring them down?
Home of Science
Follow me