And with JPMorgan now predicting a 7mm print next week, the bedrock of the US economy - plentiful jobs - is suddenly imploding, as the latest google searches for "Unemployment benefits" shows.
Which reminded us that in times of stress, Google trends is a wonderful resource into what is on people's minds. SEMrush, a data analytics company, has been tracking Google search volume and found the public's curiosity over the "doomsday" items exploded between February 20 and March 20, 2020: "unemployment" grew by 400% and, similarly, "recession" grew by 376%.
Here are some other phrases that triggered spikes in online search activity, which show that the global financial crisis of 2008 was a simple garden-variety slowdown by comparison, and that what is taking place now is nothing short of a depression:
"How do I file for unemployment": Since March 14, there has been a 900% increase in search volume
"Will i get fired": Since March 19, there has been a 233% increase in search volume