Record 22 million have sought US jobless aid since virus

The wave of layoffs that has engulfed the US economy since the coronavirus struck forced 5.2 million more people to seek unemployment benefits last week, the government reported on Thursday.

Roughly 22 million have sought jobless benefits in the past month - easily the worst stretch of US job losses on record.

All told, roughly nearly 12 million people are now receiving unemployment checks, roughly matching the peak reached in January 2010, shortly after the Great Recession officially ended.

All businesses deemed nonessential have been closed in nearly every state as the economy has virtually shut down. Deep job losses have been inflicted across nearly every industry.

Some economists say the unemployment rate could reach as high as 20% in April, which would be the highest rate since the Great Depression of the 1930s. By comparison, unemployment never topped 10% during the Great Recession.

Layoffs are spreading beyond service industries like hotels, bars and restaurants, which absorbed the brunt of the initial job cuts, into white collar professional occupations, including software programmers, construction workers and sales people.

Collectively, the job cuts could produce unemployment on an epic scale. Up to 50 million jobs are vulnerable to coronavirus-related layoffs, economists say - about one-third of all positions in the United States.

That figure is based on a calculation of jobs that are deemed non-essential by state and federal governments and that cannot be done from home.

It's unlikely that all those workers will be laid off or file for unemployment benefits. But it suggests the extraordinary magnitude of unemployment that could result from the pandemic.

"This crisis combines the scale of a national economic downturn with the pace of a natural disaster," said Daniel Zhao, senior economist at Glassdoor. "And that's really unprecedented in American economic history."