13/4/20: Four Weeks of Unemployment Spikes: U.S. Jobs Losses in #Covid19

COVID-19 social toll: according to Deutsche Bank Research, since the end of the 2008-2009 Great Recession through mid-March 2020, the U.S. total new jobs creation amounted to ca 22 million jobs. Since then, the economy has lost over 16.8 million jobs over the first three weeks of the pandemic, and according to the DB forecast, the U.S. is now on-track to lose 25 million jobs over the four weeks, once last week numbers come in.

• Week ending March 21: official unemployment figures rose 3.3 million
• Week ending March 28: official unemployment claims rise 6.9 million
• Week ending April 4: additional 6.6 million new unemployment claims
• Week ending April 11: ???

Note: claims filed do not fully reflect actual unemployment levels in the economy. In fact, they underestimate, severely, the true extent of unemployment.

Now, remember, the Millennials entered their careers in the periods of the Global Financial Crisis, the Great Recession and the Eurozone debt crisis. They are now going through career maturation stage (faster growth in income stage) amidst this pandemic. Or as I asked on Twitter a few minutes ago: who is going to buy Boomers' properties inherited by X-ers if the Millennials are skinned?..