The record 3.3 million jobless claims reported Thursday mark the beginning of an economic crisis facing American workers and businesses — a slump, experts say, that will only end when the coronavirus pandemic is contained.
The economy has entered a deep recession that has echoes of the Great Depression in the way it has devastated so many businesses and consumers, triggering mass layoffs and threatening to set off a chain reaction of bankruptcies and financial losses for companies large and small.
What sets this downturn apart is how rapidly the virus — and the economic pain — have spread. It remains a wide open question whether this will become a long-lasting slump or a short-lived flash recession.
Article URL : https://www.washingtonpost.com/business/2020/03/26/it-was-worst-week-economy-decades-pain-is-just-beginning/