The wave of layoffs that has engulfed the U.S. economy since the coronavirus struck forced 5.2 million more people to seek unemployment benefits last week.
Roughly 22 million have sought jobless benefits in the past month — easily the worst stretch of U.S. job losses on record.
All told, roughly nearly 12 million people are now receiving unemployment checks, roughly matching the peak reached in January 2010, shortly after the Great Recession officially ended.
All businesses deemed nonessential have been closed in nearly every state as the economy has virtually shut down. Deep job losses have been inflicted across nearly every industry. Some economists say the unemployment rate could reach as high as 20% in April, which would be the highest rate since the Great Depression of the 1930s. By comparison, unemployment never topped 10% during the Great Recession.
Check back for updates on this developing story.