The news came out this morning that over half a million jobs were cut just last month: 533,000 payrolls were eliminated.
Now consider that it’s worse than that. Over the last couple of decades huge numbers of jobs have been transformed into independent contractor relationships in which workers aren’t on any payroll, but are offered work by the project. When those projects are no longer offered because a company has no money to pay for them, there’s no record of a payroll position being lost, but work is lost nonetheless.
Though 533,000 payrolls were cut last month, much more work than that was lost. Comparing statistics from previous decades to what we’re going through now misses this difference.