The soaring U.S. unemployment rate might not match the peak of 25% seen during the Great Depression of the 1930s, but it could come uncomfortably close in the next few months.
More than 10 million people applied for unemployment benefits in the last two weeks of March after being thrown out of work by the business shutdowns due the coronavirus pandemic. And the numbers are expecting to keep surging, with some economists predicting the loss of 20 million jobs — or more.
It will be at least another month or two, however, before the official unemployment rate starts to reflect the full devastation in the labor market.
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