Coronavirus Has Wiped Out All Job Gains Since Great Recession, Study

ANGELA WEISS/AFP via Getty Images

Coronavirus Unemployment: Pandemic Wiped Out All Job Gains Since the Great Recession, Study Says

22.7 million jobs created in 10 years, all gone in five weeks
Coronavirus Has Wiped Out All Job Gains Since Great Recession, Study

ANGELA WEISS/AFP via Getty Images

During the Great Recession, the U.S. lost 8.8 million jobs. From February 2010 to February 2020, the economy rebounded as 22.7 million new jobs were created. Then March hit. The coronavirus pandemic pushed federal and state governments to impose social distancing precautions and life came to a halt. In five weeks, a decade’s worth of new jobs were lost. 

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According to data from the Bureau of Labor Statistics included in a new WalletHub study, 38.6 million initial unemployment claims were filed in nine weeks from March to May. But post-recession job gains were passed up in even less time. 

Jobless claims surpassed 22.7 million in just five weeks, from March 16 to the week of April 13. Nearly 16 million additional jobs have since been lost. 

The highest weeks for jobless claims in the U.S. began on March 23 and March 30, when 6.9 million and 6.6. million people filed claims, respectively. About 2.4 million jobless claims were filed during the week beginning May 11.

For people facing unexpected unemployment, whether laid off or furloughed, there are steps to take to get health insurance and begin a search for new employment. There are industries still hiring during the pandemic, while others have been harder hit.  

Related

Just as impact varies across industries, different parts of the U.S. have experienced varying degrees of economic distress too. One U.S. state saw unemployment claims increase 4,852.55% during the weeks of March 16 through May 11 compared to the same weeks in 2019. See how all 50 states and Washington, D.C. ranked in terms of increase in unemployment claims due to coronavirus.