Recession will be 'deepest peak-to-trough decline in recent memory', experts warn

The US labour market will be key to the pace and shape of the recovery from what will be the deepest recession in recent memory, according to analysts. US unemployment recently saw its largest-ever one-week spike, with the advance figure for seasonally-adjusted initial jobless claims nearing 3.3 million the week ending 21 March, up from 282,000 the previous week. The previous record for the weekly jump in unemployment had been 695,000 in October 1982. The news added to a swathe of purchasing managers' indices (PMIs) for March released last week that confirmed fears the coronavirus ...