, Columnist
The Coronavirus Recession Is Already Here
Preliminary numbers from the states show a truly staggering volume of job losses.
The recession viewed from Washington.
Photographer: Al Drago/Bloomberg
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The federal government is moving at a breakneck pace to respond to the coronavirus recession. In the states, however, the preliminary data suggests staggering job losses, exceeding economists’ expectations of just a week ago. If the pattern holds, it will mark the sharpest downturn in the labor market on record.
A spike in initial claims for unemployment insurance is among the earliest signs that a recession is underway. The most recent official number is from the first week of March, and it shows 221,000 claims, roughly on par with the average of the last several months.