We use a repeated large-scale survey of households in the Nielsen Homescan panel to characterize how labor markets are … implied by new unemployment claims: we estimate 20 million lost jobs by April 8th, far more than jobs lost over the entire … rise in the unemployment rate over the corresponding period to be surprisingly small, only about 2 percentage points. Third …

We distinguish and assess three fundamental views of the labor market regarding the movements in unemployment: (i) the … that all the short-run fluctuations automatically turn into long-run changes in the unemployment rate. We assert the … problems faced by these conceptions in explaining the diversity of labor market experiences across the OECD labor markets. We …