Trough to peak

摘要

IN AUGUST 2005 the unemployment rate in Louisiana was 5.4%, close to its all-time low. Then Hurricane Katrina hit. The storm destroyed some firms, while others were forced to close permanently. Within a month, Louisiana's unemployment rate had more than doubled. Now America as a whole faces a similar shock. From a five-decade low, early data suggest unemployment is shooting upwards, as the onrushing coronavirus pandemic forces the economy to shut down. Millions of Americans are filing for financial assistance. The jobs report for March, published shortly after The Economist went to press, is a flavour of what is to come-though because the survey focused on early to mid-March, before the lockdowns really got going, it is likely to give a mis-leadingly rosy view of the true situation. How bad could the labour market get?