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.”
Trump flexes GOP muscle in Arizona primaries as Dems dodge far-left upset
Rubio says US remains open to Iran talks but warns there ‘will be consequences’
House narrowly backs allowing troops, Pentagon workers to carry personal guns on military bases
Progressive wave crashes in Sun Belt battleground as moderate holds his seat
House GOP votes to punt government shutdown battle to after November midterms
Woman’s remains identified by DNA in Virginia, exposing second alleged murder linked to same 4 suspects
Mamdani goes back on campaign promise, says NYC can’t arrest Netanyahu
Watch: Leftist Witness Confused by Jasmine Crockett’s Wild ‘Racism’ Claim About the World Cup Final
Alleged ‘mime’ stalker stripped to underwear, covered himself in cooking oil: officials
Watch: Dog Moves Like Lightning to Protect Her Boy from Charging Black Bear and Gets the Job Done
David Hogg Rips DNC’s Campaign Arm as ‘Evil’ and Says Top Party Fundraisers ‘Pick Terrible Candidates’
Slack messages released by Rand Paul appear to show authors of key COVID-19 origin paper held private doubts
WATCH: Smithsonian director pressed on woke exhibits: ‘Is Mickey Mouse racist?’
Peter Navarro contempt of Congress conviction upheld by appeals court
FBI Director Kash Patel to Make Rare Trip to Russia: Report
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:
Trump flexes GOP muscle in Arizona primaries as Dems dodge far-left upset
Rubio says US remains open to Iran talks but warns there ‘will be consequences’
House narrowly backs allowing troops, Pentagon workers to carry personal guns on military bases
Progressive wave crashes in Sun Belt battleground as moderate holds his seat
House GOP votes to punt government shutdown battle to after November midterms
Woman’s remains identified by DNA in Virginia, exposing second alleged murder linked to same 4 suspects
Mamdani goes back on campaign promise, says NYC can’t arrest Netanyahu
Watch: Leftist Witness Confused by Jasmine Crockett’s Wild ‘Racism’ Claim About the World Cup Final
Alleged ‘mime’ stalker stripped to underwear, covered himself in cooking oil: officials
Watch: Dog Moves Like Lightning to Protect Her Boy from Charging Black Bear and Gets the Job Done
David Hogg Rips DNC’s Campaign Arm as ‘Evil’ and Says Top Party Fundraisers ‘Pick Terrible Candidates’
Slack messages released by Rand Paul appear to show authors of key COVID-19 origin paper held private doubts
WATCH: Smithsonian director pressed on woke exhibits: ‘Is Mickey Mouse racist?’
Peter Navarro contempt of Congress conviction upheld by appeals court
FBI Director Kash Patel to Make Rare Trip to Russia: Report
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.
Trump flexes GOP muscle in Arizona primaries as Dems dodge far-left upset
Rubio says US remains open to Iran talks but warns there ‘will be consequences’
House narrowly backs allowing troops, Pentagon workers to carry personal guns on military bases
Progressive wave crashes in Sun Belt battleground as moderate holds his seat
House GOP votes to punt government shutdown battle to after November midterms
Woman’s remains identified by DNA in Virginia, exposing second alleged murder linked to same 4 suspects
Mamdani goes back on campaign promise, says NYC can’t arrest Netanyahu
Watch: Leftist Witness Confused by Jasmine Crockett’s Wild ‘Racism’ Claim About the World Cup Final
Alleged ‘mime’ stalker stripped to underwear, covered himself in cooking oil: officials
Watch: Dog Moves Like Lightning to Protect Her Boy from Charging Black Bear and Gets the Job Done
David Hogg Rips DNC’s Campaign Arm as ‘Evil’ and Says Top Party Fundraisers ‘Pick Terrible Candidates’
Slack messages released by Rand Paul appear to show authors of key COVID-19 origin paper held private doubts
WATCH: Smithsonian director pressed on woke exhibits: ‘Is Mickey Mouse racist?’
Peter Navarro contempt of Congress conviction upheld by appeals court
FBI Director Kash Patel to Make Rare Trip to Russia: Report
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.
