Coronavirus pandemic could cost the U.S. economy 37 million jobs
The scale of job losses is likely to hit unprecedented levels in the coming weeks and months as business activity in cities, municipalities and states is brought to a sudden halt in an attempt to lessen the spread of the COVID-19 pandemic.
“There is a subset of these workers, in jobs often offering substantially less income than the above average, who are particularly vulnerable to cessation of economic activity due to the spreading pandemic,” wrote officials at the private-sector job quality index created by researchers at Cornell Law School, including Daniel Alpert, Jeffrey Ferry, Robert Hockett and Amir Khaleghi.
David Choi, an economist from Goldman Sachs, says initial claims for the week ending March 21 may jump to a seasonally adjusted 2.25 million, basing his analysis on recent anecdotes and news reports. The about-face for the jobs market, which had been a pillar of strength in an 11-year economic expansion , comes amid growing concerns about the domestic and global impact of COVID-19 on global supply chains and economies.
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