Unemployment Skyrocketed! (10 million Americans lost their jobs within weeks)

6,648,000 Americans filed for unemployment (initial claims) in the week ended March 28th. 3.28 Million Initial Claims at the end of March 21st, released by the United States Department of Labor on March 26th. An initial claim is a claim filed by an unemployed individual after a separation from an employer. Around 10 million Americans are now out of work within the last 2 weeks. Never has the United States economy been forced to halt. COVID-19 is not a joke. 😷
President Trump signed CARES Act into law a few days ago. 603.7B out of the 2 trillion stimulus bill will help unemployed Americans by sending $1,200 to each American, adding $600/week to unemployment benefits for 4 months, and delaying student loan payments. The stimulus bill opened unemployment filings to those who were not qualified before like freelancers, self-employed and contractors.

The recession is guaranteed.

The recession can not be prevented. This is unlike any recession anyone has ever seen in their lifetime.

Initial claims in past recessions never went past 700k initial claims. Expect more initial claims in the next following weeks. The service industry involving accommodation and food services was hit the hardest. The tourism industry quickly started to lose profits within weeks. It will take at least 6 or more months for the tourism industry to return to profitability if coronavirus pandemic settles down in 3 months from now. The United States tourism industry is not coming back any time soon.

This may break the hearts of many Americans. COVID-19 and the recession are not going away in a few weeks.

False hope is never good! The economic environment of the United States has drastically changed within a few weeks and will last for months. It is not the strongest or the most intelligent who survive, but ones who are most responsive to change. Exciting times for Capitalists!

But, will the CARES law save America from falling into a Great Depression-like the 1930s?
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Figure 1: Trading Economics and U.S Department of Labor 
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