It was the worst week for the economy in decades. The pain is just beginning.

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/

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