U.S. unemployment nearing Depression levels
NEW YORK — Unemployment in the U.S. is swelling to levels last seen during the Great Depression of the 1930s, with 1 in 6 American workers thrown out of a job by the coronavirus.
More than 4.4 million laid-off Americans applied for unemployment benefits last week, the government said Thursday. In all, roughly 26 million people — the population of the 10 biggest U.S. cities combined — have now filed for jobless aid in five weeks, an epic collapse that has raised the stakes in the debate over how and when to ease the shutdowns of factories and other businesses.
In the hardest-hit corner of the U.S., evidence emerged that perhaps 2.7 million New York state residents have been infected by the virus — 10 times the number confirmed by lab tests.
A small, preliminary statewide survey of around 3,000 people found that nearly 14% had antibodies showing they had been infected, Gov. Andrew Cuomo said. Just in New York City, with a population of 8.6 million, Health Commissioner Oxiris Barbot said as many as 1 million may have been infected.
Huge lines have formed at food banks from El Paso, Texas, to the Paris suburbs, and food shortages are hitting Africa especially hard.
At a virtual summit, European Union leaders agreed to set up a massive recovery fund to help rebuild the 27-nation bloc’s ravaged economies. While no figure was put on the plan, officials said 1-1.5 trillion euros ($1.1-1.6 trillion) would be needed.
The coronavirus has killed nearly 190,000 people worldwide, including more than 100,000 in Europe and about 47,000 in the United States, according to a tally compiled by John Hopkins University from official government figures. The true numbers are almost certainly far higher.
