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.”
Hospitals Promised Less Expensive Care After Merging Into Behemoths – the Opposite Happened
Bad News Across the Country for Dems Desperately Trying to Redistrict Before the Midterms
Trump warns judge against sacrificing national security by blocking White House ballroom, drone base
Why NATO’s defense spending imbalance lasted for decades
Trump expands Turkey ambassador’s diplomatic role, adding Iraq, Syria amid Middle East tensions
Does China Have The Upper Hand?
NHL Legend Hangs Himself: Report
Graham Platner’s wife campaign video statement responding to infidelity allegations widely panned by critics
Agitators outside Delaney Hall set up organized logistics operation before Newark protests began
Leftists Host Striptease Fundraiser to Support Antifa Terrorists Behind Shooting at ICE Detention Facility in 2025
Arizona school board member gets backlash after mocking board president with Nazi salute
Trump calls on all future candidates to take cognitive exam, noting perfect score during latest physical
Infected Lab Monkey Bites Government Employee in the US, GOP Senator Demands Investigation
FBI hunts most wanted neighbor next door who allegedly faked cancer, scammed loved ones for luxury getaways
E. Jean Carroll is a mess for the administration that won’t go away
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:
Hospitals Promised Less Expensive Care After Merging Into Behemoths – the Opposite Happened
Bad News Across the Country for Dems Desperately Trying to Redistrict Before the Midterms
Trump warns judge against sacrificing national security by blocking White House ballroom, drone base
Why NATO’s defense spending imbalance lasted for decades
Trump expands Turkey ambassador’s diplomatic role, adding Iraq, Syria amid Middle East tensions
Does China Have The Upper Hand?
NHL Legend Hangs Himself: Report
Graham Platner’s wife campaign video statement responding to infidelity allegations widely panned by critics
Agitators outside Delaney Hall set up organized logistics operation before Newark protests began
Leftists Host Striptease Fundraiser to Support Antifa Terrorists Behind Shooting at ICE Detention Facility in 2025
Arizona school board member gets backlash after mocking board president with Nazi salute
Trump calls on all future candidates to take cognitive exam, noting perfect score during latest physical
Infected Lab Monkey Bites Government Employee in the US, GOP Senator Demands Investigation
FBI hunts most wanted neighbor next door who allegedly faked cancer, scammed loved ones for luxury getaways
E. Jean Carroll is a mess for the administration that won’t go away
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.
Hospitals Promised Less Expensive Care After Merging Into Behemoths – the Opposite Happened
Bad News Across the Country for Dems Desperately Trying to Redistrict Before the Midterms
Trump warns judge against sacrificing national security by blocking White House ballroom, drone base
Why NATO’s defense spending imbalance lasted for decades
Trump expands Turkey ambassador’s diplomatic role, adding Iraq, Syria amid Middle East tensions
Does China Have The Upper Hand?
NHL Legend Hangs Himself: Report
Graham Platner’s wife campaign video statement responding to infidelity allegations widely panned by critics
Agitators outside Delaney Hall set up organized logistics operation before Newark protests began
Leftists Host Striptease Fundraiser to Support Antifa Terrorists Behind Shooting at ICE Detention Facility in 2025
Arizona school board member gets backlash after mocking board president with Nazi salute
Trump calls on all future candidates to take cognitive exam, noting perfect score during latest physical
Infected Lab Monkey Bites Government Employee in the US, GOP Senator Demands Investigation
FBI hunts most wanted neighbor next door who allegedly faked cancer, scammed loved ones for luxury getaways
E. Jean Carroll is a mess for the administration that won’t go away
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.
