Associated Press -- 10% of the US labor force are now out of work since COVID-19 slammed the economy. A record 16.8 million Americans have now applied for jobless aid.
This comes after nearly 10 million people applied for benefits in the previous two weeks because of business shutdowns from the coronavirus. The number will likely keep increasing, in part because many states are still clearing out backlogs of applications for unemployment aid.
The figures collectively constitute the largest and fastest string of job losses in records dating to 1948. They paint a picture of a job market that is quickly unraveling as businesses have shut down across the country because of the coronavirus outbreak.
More than 20 million Americans may lose jobs this month. And with more companies running through their cash cushions as the virus-related shutdowns persist, they are resorting to layoffs to save money. Up to 50 million jobs are vulnerable to coronavirus-related layoffs, economists say.
That's about one-third of all the jobs in the United States.