A new analysis released Tuesday shows that more U.S. workers filed unemployment claims last week than during any other week in the nation’s history.
An estimated 3.4 million Americans filed such claims for the week ending March 21, according to the findings from the Economic Policy Institute (EPI).
“This will dwarf every other week in history,” wrote EPI’s Aaron Sojourner and Paul Goldsmith-Pinkham, adding, “The true impacts are undoubtedly of larger scale than described here.”
My Brother’s Teacher Told Him to ‘Draw What Brings You Most Joy’: Since His Answer Was the Cross, It Wasn’t Allowed
British Christian Nurse Accused of ‘Misgendering’ a Patient Cleared of Consequences
Radical activist groups circle wagons around Southern Poverty Law Center amid federal charges
US turns to drones after retiring minesweepers to reopen Strait of Hormuz amid Iran crisis
Russia’s Communists channel their ancestors, evoke 1917 in warning to Putin over economy
The lawmakers to watch as House tries to pass $70 billion reconciliation bill
DC murder rate sees astonishing turnaround as Trump team credits federal crackdown
US military kills two suspected narco-terrorists in strike on drug-trafficking vessel in the Pacific
Fox News Campus Radicals Newsletter: UCLA mob mess, veiled threats of violence and a major win over DEI
NFL Legend and Hall of Famer Abruptly Hospitalized, Lawyer and Friend Issues Update
Trump Admin Throws Out Obama-Era Gender Rule in Favor of ‘What the Lord Established from the Beginning’
Florida Dem filed for re-election days before resignation as House Ethics Committee ramped up pressure
Poll Shows Young People Fleeing Major Dem City Due to Cost of Living, Safety, And Jobs
NANNY STATE: UK Slaps Nation’s Youth with Permanent Lifetime Smoking Ban
Grinning suspect cuffed after alleged fiery street takeover, drag race caught on camera
The startling calculation—based on claims in 35 states and Washington, D.C. and extrapolated to the other 15 states—comes as the nation continues to experience a rise in cases of the novel coronavirus—with over 46,000 confirmed as of Tuesday—and as ordinary Americans feel the economic and societal impacts of the crisis, with schools, stores, and work places temporarily shuttered, varying degrees of lockdowns in place, and households and frontline workers still wondering if lawmakers will put their urgent needs above those of corporate America.
A graph accompanying the new EPI analysis, which is based on data from news reports from March 15 to March 21, illustrates the enormous jump in unemployment claims—even if the actual figure ends up being on the analysts’ low-end projection of 3 million claims. At no other point in the timeline shown does the figure even scrape 1 million.
Reaction to the findings was stark:
My Brother’s Teacher Told Him to ‘Draw What Brings You Most Joy’: Since His Answer Was the Cross, It Wasn’t Allowed
British Christian Nurse Accused of ‘Misgendering’ a Patient Cleared of Consequences
Radical activist groups circle wagons around Southern Poverty Law Center amid federal charges
US turns to drones after retiring minesweepers to reopen Strait of Hormuz amid Iran crisis
Russia’s Communists channel their ancestors, evoke 1917 in warning to Putin over economy
The lawmakers to watch as House tries to pass $70 billion reconciliation bill
DC murder rate sees astonishing turnaround as Trump team credits federal crackdown
US military kills two suspected narco-terrorists in strike on drug-trafficking vessel in the Pacific
Fox News Campus Radicals Newsletter: UCLA mob mess, veiled threats of violence and a major win over DEI
NFL Legend and Hall of Famer Abruptly Hospitalized, Lawyer and Friend Issues Update
Trump Admin Throws Out Obama-Era Gender Rule in Favor of ‘What the Lord Established from the Beginning’
Florida Dem filed for re-election days before resignation as House Ethics Committee ramped up pressure
Poll Shows Young People Fleeing Major Dem City Due to Cost of Living, Safety, And Jobs
NANNY STATE: UK Slaps Nation’s Youth with Permanent Lifetime Smoking Ban
Grinning suspect cuffed after alleged fiery street takeover, drag race caught on camera
This chart, holy shit https://t.co/luqjZ4ngsh pic.twitter.com/NeCbcOY1aw
— Christopher Ingraham (@_cingraham) March 24, 2020
Sojourner and Goldsmith-Pinkham, both research associates at EPI, put the projection into the context of the nation’s unemployment rate:
For scale, consider that 3.4 million Americans moving from employment to unemployment would raise the number of the unemployed from 5.7 million to 9.1 million. This alone would raise the unemployment rate by more than half, by 2 percentage points from 3.5% to 5.5%, moving back to 2015 levels in just one week. This spike represents 2.2% of all jobs in the economy. The largest monthly rise in the unemployment rate in American history was plus 1.3 percentage points in October 1949.
My Brother’s Teacher Told Him to ‘Draw What Brings You Most Joy’: Since His Answer Was the Cross, It Wasn’t Allowed
British Christian Nurse Accused of ‘Misgendering’ a Patient Cleared of Consequences
Radical activist groups circle wagons around Southern Poverty Law Center amid federal charges
US turns to drones after retiring minesweepers to reopen Strait of Hormuz amid Iran crisis
Russia’s Communists channel their ancestors, evoke 1917 in warning to Putin over economy
The lawmakers to watch as House tries to pass $70 billion reconciliation bill
DC murder rate sees astonishing turnaround as Trump team credits federal crackdown
US military kills two suspected narco-terrorists in strike on drug-trafficking vessel in the Pacific
Fox News Campus Radicals Newsletter: UCLA mob mess, veiled threats of violence and a major win over DEI
NFL Legend and Hall of Famer Abruptly Hospitalized, Lawyer and Friend Issues Update
Trump Admin Throws Out Obama-Era Gender Rule in Favor of ‘What the Lord Established from the Beginning’
Florida Dem filed for re-election days before resignation as House Ethics Committee ramped up pressure
Poll Shows Young People Fleeing Major Dem City Due to Cost of Living, Safety, And Jobs
NANNY STATE: UK Slaps Nation’s Youth with Permanent Lifetime Smoking Ban
Grinning suspect cuffed after alleged fiery street takeover, drag race caught on camera
Grim as the scenario painted by the analsis is, reality may be even worse. The researchers wrote that the actual tally of claims “could be substantially higher.” Not all unemployed workers are able to file unemployment insurance claims either, and for those that do, they’ll get about half—or less—of their regular income. The end of the coronavirus crisis is also not in the immediate future.
All that points to the need for the federal government to provide states with more aid.
“American working families are paying a large price through no fault of their own,” wrote Sojourner and Goldsmith-Pinkham. “But there is no shortcutting public health to get the American economy back to work. A healthy economy requires public health.”
Story cited here.
