The US economy has wiped out all the job gains since the Great Recession

CNBC

  • The Labor Department reported that the number of Americans applying for state unemployment benefits totaled 4.427 million last week.
  • Combined with the prior four jobless claims reports, the number of Americans who have filed for unemployment over the last five weeks is 26.45 million.
  • That number far exceeds the 22.442 million jobs added to payrolls since November 2009, when the U.S. economy began to add jobs back after the recession.

The swoon in job losses is unprecedented, wiping out more than a decade’s worth of gains in five weeks.

“We’re still talking about workers filing for unemployment benefits in the millions — so it isn’t ‘good news’ per se,” wrote Ian Lyngen, head of rates strategy at BMO Capital Markets. 

Investors won’t receive the official look at the U.S. unemployment rate for the month of April until May 8. But the Labor Department’s latest nonfarm payrolls report for March showed droves of layoffs at restaurants and bars, which have been closed by stay-at-home directives.

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