The 26 million unemployment claims filed in the U.S. amid the coronavirus pandemic has dire implications for the future of the U.S. economy, one economist warned.
“At this point it would take a miracle to keep this recession from turning into the Great Depression II,” Chris Rupkey, MUFG managing director and chief financial economist, wrote in a note on Thursday. “It is going to take years not months to put these pandemic jobless workers back to work at the shops and malls and factories and restaurants across the country.”
“We're sitting here today at a 17% unemployment rate, which is a disaster for the country," BNY Mellon Chief Strategist told Yahoo Finance. “Because the longer this goes on, the greater the likelihood that those individuals... become detached from their employers." Glassdoor Senior Economist Daniel Zhao stressed that point further, adding: “Today’s report shows the labor market is almost certainly pushing into new territory, jolting the unemployment rate up above the Great Recession’s 10% peak and wiping out more jobs than we've gained in the recovery.”
“Net, net, jobless claims are warning that the worst isn’t over yet for the American economy with businesses and consumers alike being sucked down into the abyss of the pandemic recession,” Rupkey wrote on Thursday. “The risks to the outlook are that the economy is digging itself such a big deep hole that its ill become harder to climb back out of it.”
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