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.”
Many RNC Convention Attendees Balked at Trump’s Plan to Cut $5K Checks for Americans
Tucker Carlson Defends El-Sayed on 9/11, Condemns His GOP Opponent Mike Rogers
Smithsonian’s dark take on America exposed: Washington dubbed ‘town destroyer,’ Revolutionary War ‘dangerous’
Alito, Thomas shred ‘Hail Mary’ challenge to federal ballot mail rules in dissent
Surrogate who refused abortion asks SCOTUS to intervene as baby could be moved out of Texas
Georgia mayor, 23, ousted 10 months after making history as state’s youngest mayor
Republicans Attack GOP Candidate for Pointing Out How Many Foreign Students Attended Texas-Ohio State Game
Breaking: SCOTUS Blocks Trump’s Mail-in Ballot Restrictions Months Before Midterms
‘Trojan horses’ in America: Congress probes influence networks tied to China, Iran and Cuba
House Dems face Trump tariff dilemma as major Russia sanctions bill heads to floor
Supreme Court rejects Trump bid to revive strict mail-ballot rules before midterms
Trump Gives Huge Update on Russia-Ukraine War That Could Ease Pain at the Gas Pumps
Mamdani blasts feds for waging ‘campaign of violence and terror’ against NYC’s immigrants
House unanimously votes to eliminate 1-cent coin permanently
GOP Gov. Candidate Forced to Swim for His Life After Plane Crash – Reporter Says Water Was ‘Only 30 Feet’ Deep
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:
Many RNC Convention Attendees Balked at Trump’s Plan to Cut $5K Checks for Americans
Tucker Carlson Defends El-Sayed on 9/11, Condemns His GOP Opponent Mike Rogers
Smithsonian’s dark take on America exposed: Washington dubbed ‘town destroyer,’ Revolutionary War ‘dangerous’
Alito, Thomas shred ‘Hail Mary’ challenge to federal ballot mail rules in dissent
Surrogate who refused abortion asks SCOTUS to intervene as baby could be moved out of Texas
Georgia mayor, 23, ousted 10 months after making history as state’s youngest mayor
Republicans Attack GOP Candidate for Pointing Out How Many Foreign Students Attended Texas-Ohio State Game
Breaking: SCOTUS Blocks Trump’s Mail-in Ballot Restrictions Months Before Midterms
‘Trojan horses’ in America: Congress probes influence networks tied to China, Iran and Cuba
House Dems face Trump tariff dilemma as major Russia sanctions bill heads to floor
Supreme Court rejects Trump bid to revive strict mail-ballot rules before midterms
Trump Gives Huge Update on Russia-Ukraine War That Could Ease Pain at the Gas Pumps
Mamdani blasts feds for waging ‘campaign of violence and terror’ against NYC’s immigrants
House unanimously votes to eliminate 1-cent coin permanently
GOP Gov. Candidate Forced to Swim for His Life After Plane Crash – Reporter Says Water Was ‘Only 30 Feet’ Deep
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.
Many RNC Convention Attendees Balked at Trump’s Plan to Cut $5K Checks for Americans
Tucker Carlson Defends El-Sayed on 9/11, Condemns His GOP Opponent Mike Rogers
Smithsonian’s dark take on America exposed: Washington dubbed ‘town destroyer,’ Revolutionary War ‘dangerous’
Alito, Thomas shred ‘Hail Mary’ challenge to federal ballot mail rules in dissent
Surrogate who refused abortion asks SCOTUS to intervene as baby could be moved out of Texas
Georgia mayor, 23, ousted 10 months after making history as state’s youngest mayor
Republicans Attack GOP Candidate for Pointing Out How Many Foreign Students Attended Texas-Ohio State Game
Breaking: SCOTUS Blocks Trump’s Mail-in Ballot Restrictions Months Before Midterms
‘Trojan horses’ in America: Congress probes influence networks tied to China, Iran and Cuba
House Dems face Trump tariff dilemma as major Russia sanctions bill heads to floor
Supreme Court rejects Trump bid to revive strict mail-ballot rules before midterms
Trump Gives Huge Update on Russia-Ukraine War That Could Ease Pain at the Gas Pumps
Mamdani blasts feds for waging ‘campaign of violence and terror’ against NYC’s immigrants
House unanimously votes to eliminate 1-cent coin permanently
GOP Gov. Candidate Forced to Swim for His Life After Plane Crash – Reporter Says Water Was ‘Only 30 Feet’ Deep
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.
