Employers added jobs for a record 113 months through February but that streak will end with a bang in the March as a Record 3.28 Million File for U.S. Jobless Benefits.

“We haven’t seen this big of a free fall before,” said Keith Hall, former director of the Congressional Budget Office and adviser to President George W. Bush. “Not even during the Depression…It’s really like an instant Great Recession.”

Northern Trust Chief Economist Carl Tannenbaum said if half the workers in hard-hit industries, such as restaurants, retail and personal services, are laid off the unemployment rate could rise 10 percentage points, to more than 13%. That is well above the post World War II record high of 10.8% at the end of the 1981-82 recession.

Retail Grinds to a Halt as 47,000 Stores Close

Yesterday I reported Retail Grinds to a Halt as 47,000 Stores Close

Walmart and Amazon are hiring, but must most industries are hit hard.

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Dental assistants, massage workers, physical therapists, house cleaners, airlines and hotel industries are decimated.

US Output Drops at Fastest Rate in a Decade

Markit reports US Output Drops at Fastest Rate in a Decade

Europe is in worse shape with the Largest Collapse in Eurozone Business Activity Ever

Nothing is Working Now: What's Next for America?

For a 20-point discussion of how things are likely to unfold, please see Nothing is Working Now: What's Next for America?

Mike "Mish" Shedlock

16.78 Million Unemployment Claims in Last 3 Weeks

Unemployment claims rose 6.606 million in the week of April 4, the third consecutive miserable week.

Unemployment Claims More Than Double Last Week's Record Total

Initial unemployment claims more than double last weeks total, and last week was then the largest in history.

Initial Weekly Unemployment Claims Recession Warning

Will initial unemployment claims provide a recession warning? If so, how long?

Trump Asks States to Hide Unemployment Claim Data

The US dept of Labor told states to suppress specific unemployment claim data.

Motor Vehicle Production Index Hits New Record High

Industrial production rose 0.3% in December from a downward revision of 0.4% in November originally reported as 0.6%

How High Will the Unemployment Rate Rise in April?

Leisure and hospitality jobs once again provide an accurate recession signal.

Unemployment Claims Have the Largest Increase Since March 2020

Initial Claims Jumped by 181,000. That's the largest increase since the massive surge of 3.6 million on March 28, 2020.

Congratulations Debt Slaves! You Owe the Banks a New Record Amount of Money

Consumer credit hit another all-time high today of nearly $4.1 trillion.