Friday, March 27, 2020

Last week

This is staggering:
More than three million people filed for unemployment benefits last week, sending a collective shudder throughout the economy that is unlike anything Americans have experienced.
The article later clarified the actual number is “nearly 3.3 million”, which is 1% of the United States’ total population. Not an additional 1% to the official unemployment rate. Not an additional 1% of only the slice of the population we expect to be employed (excluding children, retirees, etc), 1% of everyone. And that’s just this week. No one expects next week to be anything but worse.