Carnage on the US Job Market Continues

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More than 38 million Americans have filed for unemployment over the last nine weeks. This is a huge increase when compared with what we call now the Great Financial Crisis (GFC) of 2008-2009. In the week ending May 16, the seasonally adjusted initial claims fell to almost two-and-a-half million, decreasing 250,000 from the previous week’s revised number.

The Labor Market is Taking a Big Hit
The good news is that the initial claims for unemployment…

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