The coronavirus has all but ground the US economy to a halt. The list of states and cities that have closed nonessential businesses and urged citizens to stay home is growing by the day. Essential workers remain in place, and some people are able to work from home, but millions of jobs — at bars, hotels, restaurants, gyms, theaters, salons, shops — are simply evaporating.
Late last week, Goldman Sachs predicted that jobless claims in the US will spike to 2 million in the second quarter, which it calls “the largest increase in initial jobless claims and the highest level on record.” The Economic Policy Institute projects that 3 million jobs will be lost by the summer.
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