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.”
Kentucky middle school teacher accused of crossing the line with student, arrested under new anti-grooming law
North Dakota mom stabs her 2 children to death in ‘horrific’ killing that left cops traumatized: officials
Trump says Will Scharf will replace David Warrington as White House counsel in September
Bernie Sanders demands Democrats ban super PACs from primaries, blasts AIPAC, ‘corrupt system’
Trump doubles down on reflecting pool vandalism allegations, cites new witness account
AOC documents egg-freezing journey, takes aim at Trump admin over women’s reproductive choices
Teen burglary ring linked to nearly 80 Bay Area break-ins dismantled after months-long investigation: PD
Indian national accused of Arizona girlfriend’s murder entered US on student visa: federal sources
Spencer Pratt: Communists aren’t just ‘evil’ they’re ’embarrassingly cringe’
AOC freezes her eggs: ‘I think it’s bada**’
RNC chair says Talarico’s GOP crossover hopes are a ‘pipe dream’: ‘Nobody is going to follow him’
‘Outsider’ House primary winner sets sights on flipping longtime GOP seat back from Dems: ‘Ready for a change’
Max Miller locked in as Republican nominee after Ohio ballot deadline passes without withdrawal
Vice President Vance says migrant communities show ‘clear pattern’ in federal fraud as investigations widen
Biden-world veteran issues stark warning about Abdul El-Sayed as he crosses party lines
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:
Kentucky middle school teacher accused of crossing the line with student, arrested under new anti-grooming law
North Dakota mom stabs her 2 children to death in ‘horrific’ killing that left cops traumatized: officials
Trump says Will Scharf will replace David Warrington as White House counsel in September
Bernie Sanders demands Democrats ban super PACs from primaries, blasts AIPAC, ‘corrupt system’
Trump doubles down on reflecting pool vandalism allegations, cites new witness account
AOC documents egg-freezing journey, takes aim at Trump admin over women’s reproductive choices
Teen burglary ring linked to nearly 80 Bay Area break-ins dismantled after months-long investigation: PD
Indian national accused of Arizona girlfriend’s murder entered US on student visa: federal sources
Spencer Pratt: Communists aren’t just ‘evil’ they’re ’embarrassingly cringe’
AOC freezes her eggs: ‘I think it’s bada**’
RNC chair says Talarico’s GOP crossover hopes are a ‘pipe dream’: ‘Nobody is going to follow him’
‘Outsider’ House primary winner sets sights on flipping longtime GOP seat back from Dems: ‘Ready for a change’
Max Miller locked in as Republican nominee after Ohio ballot deadline passes without withdrawal
Vice President Vance says migrant communities show ‘clear pattern’ in federal fraud as investigations widen
Biden-world veteran issues stark warning about Abdul El-Sayed as he crosses party lines
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.
Kentucky middle school teacher accused of crossing the line with student, arrested under new anti-grooming law
North Dakota mom stabs her 2 children to death in ‘horrific’ killing that left cops traumatized: officials
Trump says Will Scharf will replace David Warrington as White House counsel in September
Bernie Sanders demands Democrats ban super PACs from primaries, blasts AIPAC, ‘corrupt system’
Trump doubles down on reflecting pool vandalism allegations, cites new witness account
AOC documents egg-freezing journey, takes aim at Trump admin over women’s reproductive choices
Teen burglary ring linked to nearly 80 Bay Area break-ins dismantled after months-long investigation: PD
Indian national accused of Arizona girlfriend’s murder entered US on student visa: federal sources
Spencer Pratt: Communists aren’t just ‘evil’ they’re ’embarrassingly cringe’
AOC freezes her eggs: ‘I think it’s bada**’
RNC chair says Talarico’s GOP crossover hopes are a ‘pipe dream’: ‘Nobody is going to follow him’
‘Outsider’ House primary winner sets sights on flipping longtime GOP seat back from Dems: ‘Ready for a change’
Max Miller locked in as Republican nominee after Ohio ballot deadline passes without withdrawal
Vice President Vance says migrant communities show ‘clear pattern’ in federal fraud as investigations widen
Biden-world veteran issues stark warning about Abdul El-Sayed as he crosses party lines
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.
