*(Via Business Insider) – In just four weeks, coronavirus layoffs have erased more than a decade of record job creation.
US weekly jobless claims were at 5.2 million for the week ending April 11, the Labor Department said in a Thursday report. Claims declined slightly from the previous week when 6.6 million Americans filed for unemployment insurance.
The report brought the four-week total of displaced American workers filing for unemployment to 22.03 million. It also means that coronavirus-related layoffs have effectively erased the 22 million jobs that the US economy added after the Great Recession from 2007 to 2009.
“We wiped that out so fast,” Heidi Shierholz, a senior economist at the Economic Policy Institute, told Business Insider. “It’s mind-boggling.”
The Thursday report was the latest economic data confirming the coronavirus pandemic’s severe damage to the US economy. In addition to staggering record unemployment, consumer sentiment has plummeted, retail sales have posted a historic drop, and US factory output has declined the most since 1946.
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