3.3 million unemployment claims ‘just the start’: Krugman, Roubini, El-Erian

28 million last week, more than four times the previous record of 700,000 set in 1982, Department of Labor information exposed on Thursday

• ” Sadly it’s simply the start, highlighting that we’re living through a generation-defining minute,” El-Erian tweeted
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  Unemployment filings rose to 3.28 million recently, according to Department of Labor information launched Thursday, as state and city governments locked down their populations and business laid off employees in action to the unrelenting spread of the novel coronavirus

  The number of out of work claims was more than 11 times the figure a week previously, and more than four times the previous record of about 700,000, set in 1982.

  Leading economists said the dramatic increase dwarfed increases during previous crashes, and cautioned it could declare more discomfort to come.

  The 3.28 million figure was a “huge spike” that is “a sign of the ferocity of the abrupt stop striking the United States #economy,” tweeted Mohamed El-Erian, primary economic advisor at Allianz.

  Learn More: GOLDMAN SACHS: Buy these 14 stocks, which all possess the 3 most important qualities for protecting against coronavirus fallout

  — Mohamed A. El-Erian (@elerianm) March 26, 2020

  The United States faces a much deeper recession than the worldwide financial crisis of 2008, tweeted Nouriel Roubini, an economics teacher nicknamed “Dr. Doom” for his cynical predictions

  — Nouriel Roubini (@Nouriel) March 26, 2020

  Paul Krugman, a Nobel Memorial Prize-winning economic expert and New York Times writer, was also deeply concerned about the unemployment claims.

  ” Not a surprise, however still an astonishing number,” he tweeted

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  He included in a 3rd tweet that the potential $ 2 trillion stimulus bill, which Congress authorized on Wednesday, won’t relieve the uncommon economic fallout from the coronavirus.

  ” This isn’t a conventional recession, it’s more like a clinically caused coma; we want employees to remain house, and provide them catastrophe relief, which is what the bill mostly does,” he included.

  — Paul Krugman (@paulkrugman) March 26, 2020

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source https://jobsearchtips.net/3-3-million-unemployment-claims-just-the-start-krugman-roubini-el-erian/