Nationwide Unemployment Claims

THOR, Son of ODIN(2)

The number of people filing for unemployment benefits in the United States jumped by 70,000 last week, a first sign of the economic repercussions of the coronavirus pandemic. Across the country, 281,000 people filed for unemployment benefits between March 8 and 14, according to numbers released by the Department of Labor on Thursday.

But these numbers are lagging behind what's really happening.

Since March 14, several states have implemented policies that closed restaurants and bars to dine-in customers. The CDC recommended that gatherings of 50 or more people were suspended for the next eight weeks. Even hair salons and gyms have been shuttered. Websites in various states have been crashing since as more and more newly jobless people are trying to apply for unemployment benefits. We’ve never had a complete shutdown of several parts of the economy before.

The chart below ... shows unemployment claims over time. It not only takes into account the 281,000 new claims the federal government reported Thursday, but also the claims filed in 17 states after measures were put into place this week to shutter businesses.

Between Monday and Wednesday, nearly 700,000 people filed a claim.



Source: Department of Labor, NBER, local news reports



https://www.buzzfeednews.com/article/lamvo/coronavirus-update-charts-unemployment-claims-laid-off-jobs

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THOR, Son of ODIN(2)

This Is Not a Recession. It’s an Ice Age.

No one alive has experienced an economic plunge this sudden.
March 20, 2020


What is happening is a shock to the American economy more sudden and
severe than anyone alive has ever experienced. The unemployment rate
climbed to its apex of 9.9 percent 23 months after the formal start of
the Great Recession. Just a few weeks into the domestic coronavirus
pandemic, and just days into the imposition of emergency measures to
arrest it, nearly 20 percent of workers report that they have lost hours or lost their job. One payroll and scheduling processor suggests that 22 percent of work hours
have evaporated for hourly employees, with three in 10 people who would
normally show up for work not going as of Tuesday. Absent a strong
governmental response, the unemployment rate seems certain to reach
heights not seen since the Great Depression or even the miserable late 1800s. A 20 percent rate is not impossible.

https://www.theatlantic.com/ideas/archive/2020/03/quantifying-coming-recession/608443/

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MrsM(6)

I live in CT. Not a large state. Our normal unemployment claims in a typical week were about 2,500. As of Friday the 20th it had skyrocketed to 75,000. One of my kids was one of them.

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THOR, Son of ODIN(2)

Update:



Americans displaced by the coronavirus crisis filed unemployment
claims in record numbers last week, with the Labor Department reporting
Thursday a surge to 3.28 million.

The number shatters the Great
Recession peak of 665,000 in March 2009 and the all-time mark of 695,000
in October 1982. The previous week, which reflected the period before
the worst of the coronavirus hit, was just 282,000.

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soupgirl53

It is sad to see those high numbers even though they were expected.

I hope, among the many things this pandemic teaches us, is the need to make more goods in the US so there are more jobs that pay decent wages. The goods may cost a little more but the savings in social costs and the fact those workers are going to spend their money on US goods and services could make up for some of that differential.

Whereas some will not like this, it is time to bring back unions in order to get the wages up. Many of the conditions that caused unions to be needed in the first place are prevalent in the US today. Hopefully, the unions have learned some valuable lessons while they've been out of favor and can steer a course which benefits their members and also takes into account the needs of the employer in order to stay in business. This is, admittedly, hard to do but they need each other and that might be easier to recognize given the crisis our country is facing.

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jlhug

I agree we need to bring manufacturing back to the US.

But even if we were making more goods in the US, the results would have been the same. Factories, manufacturers and all but essential businesses are closed in many states (should be every state IMO) to slow the spread of the virus.

This is going to be ugly but, if we can get past the finger pointing and work together, we will get through this and be better for it.

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Iris GW

we will get through this and be better for it.

I saw something that this could change how we vote in elections (e.g., spur electronic voting). Imagine that and many other similar changes ...

Also the democrats' proposal for a banking solution for people without bank accounts.

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Tilly Teabag

Nope, I think many businesses will be quietly planning to implement AI and robots during the shut down. I talk to many individuals. I’m hearing talk that small businesses here will not reopen because the rents are too high for them to compete with online ones. I’m hearing that big brick and mortar stores in UK are saying they are shut for the welfare of their staff, but really it is to cut costs.

Think about it cynically. This is a dream break for businesses that would have been slammed if they caused a recession by putting millions out of work to automate, something they wanted to do. The virus is great timing for those that survive the recession. A robot is much cheaper than a human, even a Vietnamese or Bangaladeshi one.

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soupgirl53

True, jug. But I am glad to see someone else embracing the fact we need to produce more goods in the US in order to move forward.

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soupgirl53

Sorry, its jlhig. Forgive the typo.

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jerzeegirl (FL zone 9B)(9b)

I never thought I would see anything as bad as 2008 and yet this is much worse. The number of unemployment claims is staggering and I can tell you right now that these jobs are not going to come bouncing back once this is over. Bricks and mortar retail (excluding food sources) and restaurants specifically are in a world of hurt right now. Tenants cannot pay rent which means that the next thing you will see are loan defaults. The Dow is not the economy. You have to look at other indicators to get the message.

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