There’s no question that the U.S. experienced the worst economic crisis in nearly a century that will have long-lasting damage to many people and in many sectors.
The unemployment rate reached a peak of 14.7% in April 2020, almost 5 percentage points greater than the peak of the Great Recession. Initial unemployment insurance claims have numbered in the millions for 32 weeks, a level that was never reached during the Great Recession. While there has been job growth since the peak of unemployment, the labor market is still down more than 10 million jobs from the February high.
The above excerpt was originally published in MarketWatch.
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