COVID Effect On Employment

The numbers in the graph represent number of unemployment claims from 2000 to Mar 2020. The COVID effect is massively bigger than 2009 world financial crisis

Plot 1

During all past recessions employees were given certain duration until they were laid off. This time around, since COVID has hit hard on mobility, anyone who cannot Work-From-Home without large loss in efficiency, you are effectively unemployed until travel restrictions are lifted.

Given the situation is unprecedented in multiple ways, it is hard to draw any substantial inference from unemployment metrics for now. However, looking at current circumstances , things are moving towards a terrible scenario.

Data Used
U.S Department of Labor News Release : 26th March 2020
U.S Department of Labor Claims