Updating my America's Scariest Charts for the latest data on weekly unemployment claims:
New unemployment claims continue to rise (see table below), with data for the week ending May 9th coming in this week printing 2.6 million new claims.
While non-farm payrolls are reported on a monthly basis, we can now integrate the numbers of new unemployment claims (subject to future revisions) for the first week of may, showing the expected impact on the payrolls:
Table below summarizes past recessions experience and current COVID19 'Pandecession':
As shown above, total numbers of jobs losses so far in the pandemic exceed combined jobs losses experienced in all past recessions from 1945 through 2019, based on unemployment claims data.
Finally, here is a chart plotting employment index from the start of the new recession through the end of the recovery cycle: