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US unemployment shot up quickly but be careful how you read the chart. Those record one-time jobless claims—3.28 million last week—don't yet compete with the total jobs lost in the 2008 recession.

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  • It is not alarming as we thought. The sudden spike can be attributed to the mass shutdowns all over the US which made unemployment benefit applications surging. The 2008 financial crisis saw through 37mil applications spread in less than 2 years.