Economic fallout mounts, worldwide cases top 1 million
NEW YORK (AP) — The coronavirus outbreak has thrown 10 million Americans out of work in just two weeks, the swiftest, most stunning collapse the US job market has ever witnessed, and economists warn unemployment could reach levels not seen since the Depression, as the economic damage piles up around the world.
The bleak news Thursday — a record-shattering 6.6 million new unemployment claims on top of last week’s unprecedented 3.3 million — came as the competition for scarce ventilators, masks and other protective gear seemed to grow more desperate and deaths mounted with alarming speed in Italy, Spain and New York, the most lethal hot spot in the nation, with nearly 2,400 lives lost.
Worldwide the number of confirmed infections hit another gloomy milestone — one million, with more than 50,000 deaths, according to the tally kept by Johns Hopkins University.
But the true numbers are believed to be much higher, because of testing shortages, many mild cases that have gone unreported, and suspicions that some countries are covering up the extent of their outbreaks.
The mounting economic fallout almost certainly signals the onset of a global recession, with job losses that are likely to dwarf those of the Great Recession more than a decade ago.
“My anxiety is through the roof right now, not knowing what’s going to happen,” said Laura Wieder, laid off from her job managing a now-closed sports bar in Bellefontaine, Ohio.
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