Unemployment Jumped Higher in 3 Months During COVID-19 Than It Did During the Great Recession
Those who remember the Great Recession, which began in 2007 and lasted well into 2009, can no doubt attest to the fact that it was one extended period of financial uncertainty. But while job loss was rampant during that two-year stretch, the numbers from back then pale in comparison to the job loss Americans have already experienced during the COVID-19 pandemic.
During the Great Recession, the number of unemployed Americans increased by 8.8 million from late 2007 through the beginning of 2010. And in January of 2010, the U.S. unemployment rate peaked at 10.6%.
The number of out-of-work Americans during the COVID-19 crisis is already much higher. Prior to the pandemic, an estimated 6.2 million people were out of a job. By May, that number shot up to 20.5 million.
Source Fool.com
