Ugly Unemployment

The US labor force numbers 165 million. In the past two weeks the number of unemployed has jumped by a staggering 10 million!! Assuming job creation is currently 250,000/week as Amazon, Walmart and supermarkets ramp up, the unemployment rate in the past two weeks has risen from 3.5% to a shocking 9.3%. Ignore tomorrow’s employment report; it looks at the week of 3/12/20, before any lockdowns happened and commerce stopped.

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