‘Two weeks of pain’: Trump warns America as businesses, companies prepare to shed ‘millions more’ jobs

By Tank Murdoch @TheNatSent

(TNS) U.S. companies have begun shedding jobs and there are millions more losses coming, as President Donald Trump warned we’ll see “two weeks of pain.”

As the coronavirus outbreak continues to wreak havoc on the U.S. economy, the ordered closure of tens of thousands of shops and small-to-medium-sized “non-essential” businesses are taking is taking its toll on the nation’s workforce.

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CNBC, quoting figures from employment firm ADP, reported that companies have already shed 27,000 jobs but “millions” more are coming:

Companies reduced payrolls by 27,000 in early March before the worst of the coronavirus-induced economic freeze, according to a report Wednesday from ADP and Moody’s Analytics.

Actual losses for the month were far worse as indicated by the millions of people who already have filed unemployment claims. Wednesday’s report covers the period through March 12.

It was the first time the private payroll count had contracted in 10 years, and total job losses probably will total 10 million to 15 million, said Mark Zandi, chief economist at Moody’s. 

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Recall that last week, a record 3.3 million people filed new unemployment claims, most of them as a result of losing jobs due to coronavirus-related closures. USA Features News reported:

As expected, tidal waves of unemployment claims have begun slamming into state offices following mass shutdowns of businesses following the outbreak of coronavirus.

And the early figures are nothing short of unprecedented.

According to The Associated Press, some 3.3 million Americans who have lost jobs in the wake of coronavirus-related business closings have now filed unemployment claims, which is quadruple the previous record set in 1982.

“The pace of layoffs is sure to accelerate as the U.S. economy sinks into a recession,” the AP reported.

“It’s been 10 straight years of consistent, solid job growth, and the virus has put an end to that,” Zandi said on a media conference call.

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“Much bigger job losses are coming,” he added.

Just 6 percent of companies indicated they are hiring, a level worse than during the financial crisis and comparable to about 40 percent for a typical month, Zandi said.

Well, to be fair, most of the ‘solid jobs growth’ came after President Trump was elected. His pro-economic growth policies jump-started Obama’s moribund 1-1.5 percent GDP economy, doubling the pace to nearly 3 percent and lowering unemployment to historical levels at about 3.5 percent.

One Chinese virus has decimated all of Trump’s progress. And there is more pain to come, he warned on Tuesday.

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“This is going to be a rough two-week period,” Trump said at a White House press conference. “When you look at night the kind of death that has been caused by this invisible enemy, it’s incredible.”

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