It’s official: All of the job gains since 2010 have been wiped out.
On Thursday, the U.S. government reported the latest initial jobless claims: 4.4 million, which was higher than the median estimate of four million.
In total, more than 26 million Americans have lost their jobs in just five weeks. Or, put another way, the 25 million jobs that had been created over the last decade were eliminated in a little more than a month.
That is a remarkable development that will likely not be rivaled this generation.
Investors were cheering, though, because this was the third consecutive week of the number of Americans filing for unemployment declined. The figure peaked late last month at a little more than 6.6 million.
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