Goldman Sachs warns data point to a historic and frankly apocalyptic surge in unemployment insurance claims, from current 281,000 to 2,250,000 in next week’s report.

Yes you read that right.

Goldman Sachs warns data point to a historic and frankly apocalyptic surge in unemployment insurance claims, from current 281,000 to 2,250,000 in next week’s report. Yes you read that right. pic.twitter.com/KX7oDfu8fe

— Michael S. Derby (@michaelsderby) March 20, 2020

😬 "Americans will need to stay home for at least several weeks" t.co/DhcK4sHust

— M/I_Investments (@MI_Investments) March 20, 2020

Upcoming job losses will be unlike anything the US has ever seen

The coronavirus crisis is likely to result in layoffs on a scale that the U.S. has never seen before.

Economists expect April to be the first reporting month when the damage starts to show up.

Forecasts for that month range from 500,000 to 5 million.

The worst month during the financial crisis saw nonfarm payrolls decrease by 800,000.

Weekly jobless claims numbers are expected to be so bad that the White House has reportedly asked state officials to delay releasing precise counts.