The IMF predicts that the global economy will shrink 4.9 percent this year, calculating damages worse than from any other downturn since the Great Depression of the 1930s.
The national jobless rate was 14.7 percent in April, the highest since the Great Depression, and many economists expect it will near 20 percent in May, a sign companies are still slashing jobs.
The wave of layoffs may not subside until Congress can agree on providing rescue aid for financially desperate state and local governments as well as further help for households.
When the dust from the pandemic settles, there will be a lot of people in developed economies wondering why, their systems failed them.
While the Covid-19 illness is killing thousands of Americans daily, stay-at-home orders and business closures have thrown more than 26 million people out of work, a level of unemployment not seen since the Great Depression of the 1930s.
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