Unemployment claims in the U.S. surged yet again last week, with another 4.4 million Americans now looking for work.
That brings the total number of unemployment claims in the last five weeks up to 26 million, effectively erasing all jobs gained since the 2008 recession.
Economists fear that mass unemployment, which now affects roughly 1 in 6 Americans, could plunge the U.S. into its worst financial crisis since the Great Depression of the 1930’s.
How long will it take for the economy to recover from this? Will jobs return after the pandemic ends, or will unemployment rates remain high?