To put that in perspective, peak job losses in the Great Recession a little more than a decade ago were about 425,000. The current job losses are concentrated in service sectors, particularly in lower-wage jobs where physical distancing is difficult. This is why the income support programs put in place have been so important for the recovery.
They have protected the most vulnerable and supported household spending, which has helped to underpin the recovery in consumption. Housing activity also rebounded sharply in the third quarter as sales made up ground that was lost in the containment phase. But outside of household and government spending, the economy has struggled.