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.”
Oil-Rich California Relies on Fuel Imported from the Bahamas as Gas Prices Surge
Trump says ‘this is a Democrat shutdown’ as he touts low inflation, falling murder rate
Teen killed after protecting friends in ‘senseless’ shootout as locals raise alarm over rising crime in Bronx
Trump withholds endorsement for Texas Senate GOP primary
Thune guarantees voter ID bill to hit the Senate despite Schumer, Dem opposition: ‘We will have a vote’
Swalwell’s ‘I should be working’ gym, pool videos resurface as Dem rival hammers his missed House votes
Anderson Cooper announces 60 Minutes departure amid CBS shake-ups
Oregon Could Vote to Ban Hunting and Fishing – Proposed Law Would Classify Both as Cruelty to Animals
Tom Emmer blasts Democrats’ double standard on SAVE Act: ‘They require photo IDs’ at their own DNC
GOP reaches key 50-vote threshold for Trump-backed voter ID bill as Senate fight looms
At least two dead after ‘targeted’ shooting at Rhode Island hockey game
Indiana school secretary charged after husband finds her with student, probe reveals affair with another: cops
China pledges aid to Ukraine as US officials warn Beijing is quietly fueling Russia’s war
ICE sweeps up convicted pedophiles, traffickers in massive holiday weekend sting: ‘Worst of the worst’
Former FBI analyst believes Guthrie suspect is amateur criminal, Savannah’s latest message tailored to him
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:
Oil-Rich California Relies on Fuel Imported from the Bahamas as Gas Prices Surge
Trump says ‘this is a Democrat shutdown’ as he touts low inflation, falling murder rate
Teen killed after protecting friends in ‘senseless’ shootout as locals raise alarm over rising crime in Bronx
Trump withholds endorsement for Texas Senate GOP primary
Thune guarantees voter ID bill to hit the Senate despite Schumer, Dem opposition: ‘We will have a vote’
Swalwell’s ‘I should be working’ gym, pool videos resurface as Dem rival hammers his missed House votes
Anderson Cooper announces 60 Minutes departure amid CBS shake-ups
Oregon Could Vote to Ban Hunting and Fishing – Proposed Law Would Classify Both as Cruelty to Animals
Tom Emmer blasts Democrats’ double standard on SAVE Act: ‘They require photo IDs’ at their own DNC
GOP reaches key 50-vote threshold for Trump-backed voter ID bill as Senate fight looms
At least two dead after ‘targeted’ shooting at Rhode Island hockey game
Indiana school secretary charged after husband finds her with student, probe reveals affair with another: cops
China pledges aid to Ukraine as US officials warn Beijing is quietly fueling Russia’s war
ICE sweeps up convicted pedophiles, traffickers in massive holiday weekend sting: ‘Worst of the worst’
Former FBI analyst believes Guthrie suspect is amateur criminal, Savannah’s latest message tailored to him
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.
Oil-Rich California Relies on Fuel Imported from the Bahamas as Gas Prices Surge
Trump says ‘this is a Democrat shutdown’ as he touts low inflation, falling murder rate
Teen killed after protecting friends in ‘senseless’ shootout as locals raise alarm over rising crime in Bronx
Trump withholds endorsement for Texas Senate GOP primary
Thune guarantees voter ID bill to hit the Senate despite Schumer, Dem opposition: ‘We will have a vote’
Swalwell’s ‘I should be working’ gym, pool videos resurface as Dem rival hammers his missed House votes
Anderson Cooper announces 60 Minutes departure amid CBS shake-ups
Oregon Could Vote to Ban Hunting and Fishing – Proposed Law Would Classify Both as Cruelty to Animals
Tom Emmer blasts Democrats’ double standard on SAVE Act: ‘They require photo IDs’ at their own DNC
GOP reaches key 50-vote threshold for Trump-backed voter ID bill as Senate fight looms
At least two dead after ‘targeted’ shooting at Rhode Island hockey game
Indiana school secretary charged after husband finds her with student, probe reveals affair with another: cops
China pledges aid to Ukraine as US officials warn Beijing is quietly fueling Russia’s war
ICE sweeps up convicted pedophiles, traffickers in massive holiday weekend sting: ‘Worst of the worst’
Former FBI analyst believes Guthrie suspect is amateur criminal, Savannah’s latest message tailored to him
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.
