SFY - Impact Of The Coronavirus - By The Numbers
Now that’s a moonshot!
(Source: FRED)
Any doubts that the coronavirus would adversely impact the economy were put to rest with the release of last Thursday’s Weekly Initial Unemployment Claims. New claims were a record 3.3 million for the week, almost 5 times the previous high of 695,000 from October 1982. The number would have been even bigger if the states’ online application portals weren’t inundated. Preliminary indications suggest this Thursday’s new claims will also exceed 3 million. Clearly, the economy has come to a screeching halt. The St. Louis Fed published an article ("