It took only five weeks for the U.S. economy to wipe out all the job gains it added over the last 11 years.
Coronavirus-induced business closures throughout the U.S. has fueled the number of Americans applying for state unemployment benefits. Last week, new jobless claims totaled 4.427 million, the Labor Department reported Thursday.
Combined with the four prior jobless claims reports, the number of Americans who have filed for unemployment over the previous five weeks is 26.45 million. That number exceeds the 22.442 million positions added to nonfarm payrolls since November 2009, when the U.S. economy began to add jobs back to the economy after the Great Recession.