Coronavirus job losses 'way worse than anything we saw in the Great Depression:' Economist [Yahoo! Finance News]
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Source: Yahoo! Finance News
The U.S. economyactually lost jobs in Marchdeadly new coronavirus“I mean, it is just so heartbreaking, this data,” KPMG’s chief economist, Constance Hunter, told Yahoo ’s “On The MoveShe added, “We have more social safety nets in place than during the Great Depression, but this is way worse than anything we saw during the Great Depression.”The jobs report — which showed over 700,000 job losses and an unemployment rate that jumped from 3.5% to 4.4% — does not begin to encapsulate the effects of the pandemic because it only extends through March 12, before thevast majority of the U.S. locked downView photosThe labor market deteriorated substantially in March.KPMG, one of the big four accounting firms, is expecting at least 8 million job losses for April and possibly closer to 12 million, according to Hunter. For the entire second quarter, it’s expecting 25 million job losses.The news would come after jobless claims hit a record-breaking 6.648 million for the week ending March 28, doubli
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