After only five week span, the Coronavirus pandemic has wiped out the job gains the U.S. economy added over the last 11 years.
Business closures due to the Coronavirus has caused another massive jump in the number of Americans applying for state unemployment benefits. New jobless claims totaled 4.427 million, last week according to the Labor Department reported Thursday.
The number of Americans filing for unemployment over the previous five weeks is 26.45 million. That number exceeds the 22.442 million positions added to non-farm payrolls since November 2009, when the U.S. economy began to add jobs back to the economy after the Great Recession.
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