Goldman Sachs: 2 million could apply for unemployment this week

Goldman Sachs: 2 million could apply for unemployment this week
Image: Wikimedia Commons

[Ed. – The world is enveloped in a global nightmare.]

Workers are losing their jobs at an unprecedented pace as the coronavirus shutters businesses and brings the economy to a sudden stop. That could lead as many as 2 million people to file for unemployment benefits this week alone, according to Goldman Sachs — that would roughly triple the previous high for weekly jobless claims set in 1982, when the country was in the grips of deep recession.

Goldman pointed to news reports of a surge in unemployment applications in a number of states this week. In California, where about 2,000 people apply for unemployment every day, the state saw 190,000 applications in a three-day period, according to the Sacramento Bee. In Illinois, more than 40,000 people applied for unemployment on Tuesday and Wednesday, a tenfold increase from the year before. In Connecticut, claims this week increased by a factor of 20 over their typical amount.

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