Unemployment and recessions in the US (chart)

 

Each recent crisis has been deeper and employment has taken longer to recover.

That is until 2020 which is out of the chart. 

Massive layoff are still ahead of us in the retail and aviation industry and will pull the indices down as other companies start rehiring furloughed employees. It usually takes from 12 to 18 months for employment to reach the bottom and we are consequently still close to a year away. As for the financial cost, it is at this stage anybody's guess... 

The shape of the curve is also unusual. Normally, as business confidence falter, employment weaken until you get a financial shock when everybody in the market realize that PER (price earning ratios) have gone through the roof. This time is truly different. Or is it? We will know early next year.