U.S. now has 22 million unemployed, wiping out a decade of job gains

Layoffs are growing in almost every industry as businesses have had to shut their doors to keep the spread of COVID-19 at bay. Many companies that are open report an immense loss in sales.

Layoffs are growing in almost every industry as businesses have had to shut their doors to keep the spread of COVID-19 at bay. Many companies that are open report an immense loss in sales. Research by Associate Professor of Economics Alex Bick and his co-author shows the immediate effects this is having on the economy.

In this story published April 16, 2020, on The Washington Post:

Two economists say the U.S. unemployment rate is already over 20%, according to Alexander Bick of Arizona State University and Adam Blandin of Virginia Commonwealth University who are tracking the data in real-time. It is expected to remain close to 10% through the end of the year, meaning 1 in 10 people would still be out of work at the holidays, the National Association for Business Economics says.