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.”
Accused wife killer Barry Morphew back behind bars after separate incident that skyrocketed bond: prosecutors
Amazon cargo jet pilot reportedly told wife, ‘My career is over’ shortly after deadly crash
Watch: Lindsay Clancy Jurors Accidentally Admit They Made Their Decision Based on the Wrong Criteria
Art Garfunkel Says He’s Contemplating Leaving America Because of Trump
Oil hits $100 per barrel after US hit Iranian tankers near Strait of Hormuz
EXCLUSIVE — Newsom’s hard truth for Democrats: ‘It’s our performance’
Trump hails ‘really big night’ for populists in German election after historic victory
Supreme Court chief justice praises outgoing Smithsonian leader who was under pressure from Trump admin
Who were the key figures in the Bush administration on 9/11, and where are they now
George Bush welcomes top officials to his home state for 9/11 remembrance on 25th anniversary of attacks
Socialist politicians are ‘more racist than the KKK,’ says Black Dem official urging voters to ditch El-Sayed
Appeals court upholds order blocking IRS from sharing taxpayer data with ICE
Senator’s daughter wins Democratic nod in closely watched race to replace outgoing Dem incumbent
Data shows Amazon jet’s key braking systems did not deploy during deadly Miami crash: NTSB
Ex-Dem lobbyist for company that promoted addictive opioid clears key gubernatorial hurdle
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:
Accused wife killer Barry Morphew back behind bars after separate incident that skyrocketed bond: prosecutors
Amazon cargo jet pilot reportedly told wife, ‘My career is over’ shortly after deadly crash
Watch: Lindsay Clancy Jurors Accidentally Admit They Made Their Decision Based on the Wrong Criteria
Art Garfunkel Says He’s Contemplating Leaving America Because of Trump
Oil hits $100 per barrel after US hit Iranian tankers near Strait of Hormuz
EXCLUSIVE — Newsom’s hard truth for Democrats: ‘It’s our performance’
Trump hails ‘really big night’ for populists in German election after historic victory
Supreme Court chief justice praises outgoing Smithsonian leader who was under pressure from Trump admin
Who were the key figures in the Bush administration on 9/11, and where are they now
George Bush welcomes top officials to his home state for 9/11 remembrance on 25th anniversary of attacks
Socialist politicians are ‘more racist than the KKK,’ says Black Dem official urging voters to ditch El-Sayed
Appeals court upholds order blocking IRS from sharing taxpayer data with ICE
Senator’s daughter wins Democratic nod in closely watched race to replace outgoing Dem incumbent
Data shows Amazon jet’s key braking systems did not deploy during deadly Miami crash: NTSB
Ex-Dem lobbyist for company that promoted addictive opioid clears key gubernatorial hurdle
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.
Accused wife killer Barry Morphew back behind bars after separate incident that skyrocketed bond: prosecutors
Amazon cargo jet pilot reportedly told wife, ‘My career is over’ shortly after deadly crash
Watch: Lindsay Clancy Jurors Accidentally Admit They Made Their Decision Based on the Wrong Criteria
Art Garfunkel Says He’s Contemplating Leaving America Because of Trump
Oil hits $100 per barrel after US hit Iranian tankers near Strait of Hormuz
EXCLUSIVE — Newsom’s hard truth for Democrats: ‘It’s our performance’
Trump hails ‘really big night’ for populists in German election after historic victory
Supreme Court chief justice praises outgoing Smithsonian leader who was under pressure from Trump admin
Who were the key figures in the Bush administration on 9/11, and where are they now
George Bush welcomes top officials to his home state for 9/11 remembrance on 25th anniversary of attacks
Socialist politicians are ‘more racist than the KKK,’ says Black Dem official urging voters to ditch El-Sayed
Appeals court upholds order blocking IRS from sharing taxpayer data with ICE
Senator’s daughter wins Democratic nod in closely watched race to replace outgoing Dem incumbent
Data shows Amazon jet’s key braking systems did not deploy during deadly Miami crash: NTSB
Ex-Dem lobbyist for company that promoted addictive opioid clears key gubernatorial hurdle
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.
