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Unemployment in Today’s Recession Compared to the Global Financial Crisis (IMF Blog, 2 min read) Unemployment in teleworkable jobs remained lower both during the 2008 recession and the 2020 pandemic crisis, which indicates factors unrelated to social distancing might be at play. People in teleworkable occupations are less vulnerable to downturns as they are highly skilled and more educated.
An Evaluation of the Paycheck Protection Program Using Administrative Payroll Microdata (MIT, 25 page read) Using administrative data from the world’s largest payroll processing firm, the Paycheck Protection Program is estimated to have boosted employment at eligible small firms by 2-4.5%. This would suggest that the PPP has increased aggregate US employment by 1.4-3.2mn jobs through the first week of June 2020.