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Fri Mar 27, 2020, 08:44 AM

It was the worst week for the economy in decades. The pain is just beginning.

The record 3.3 million jobless claims reported Thursday mark the beginning of an economic crisis facing American workers and businesses a slump, experts say, that will only end when the coronavirus pandemic is contained.

The economy has entered a deep recession that has echoes of the Great Depression in the way it has devastated so many businesses and consumers, triggering mass layoffs and threatening to set off a chain reaction of bankruptcies and financial losses for companies large and small.

What sets this downturn apart is how rapidly the virus and the economic pain have spread. It remains a wide open question whether this will become a long-lasting slump or a short-lived flash recession.

Economists say the jobless claims reported Thursday, which reflected workers seeking unemployment insurance last week, is the start of a massive spike in unemployment that could result in over 40 million Americans losing their jobs by mid-April.

https://www.washingtonpost.com/business/2020/03/26/it-was-worst-week-economy-decades-pain-is-just-beginning/

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Reply It was the worst week for the economy in decades. The pain is just beginning. (Original post)
Zorro Mar 27 OP
Stuart G Mar 27 #1

Response to Zorro (Original post)

Fri Mar 27, 2020, 03:45 PM

1. As the article says, this is just the beginning..nt

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