US unemployment rises 33 million since start of the pandemic

The scale of the rise in US unemployment is unprecedented - whereas seven weeks ago, unemployment was at its lowest level in 50 years, today US unemployment stands close to 20%, something not seen since the Great Depression.

It has put immense pressure on the unemployment funds of individual states, some of which are going to struggle to cope, such as California and North Carolina, and it also represents a seismic shock to both the demand-side and the supply-side of the US economy, which you should be able to draw.

Of longer-term concern is the possibility of hysteresis, or labour market scarring which might adverse affect the position of the LRAS curve

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