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This economic crisis is the fastest and deepest on record

First published: 04/05/2020

It is unequivocally grim. In the US, the weekly count of initial claims for unemployment benefit showed that 30 million people had filed in the six weeks to 25 April. This wipes out the 23 million jobs created in the 11 years between February 2009 and the same month in 2020. By June, the US unemployment rate could be 20 per cent, compared to 3.5 per cent in February, and double the post-Second World War peak recorded in 1983. In the UK, the unemployment rate is predicted to rise above 10 per cent this summer, a level not seen since the early 1980s. Read on….