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.”
High School Football Team Shines ‘the Light of Jesus’ by Giving Every Opponent a Bible After Games
Which ‘Fake News’ Outlet Will Trump Ban from the White House Next? He Just Dropped Some Major Hints, and It’s Making Them Squirm
Watch: MLB Player Knocked Out Cold in ‘Terrifying Moment’ – Then Medics Manage to Make Things Worse
Why the House let out early is a matter of debate after Johnson says chamber has ‘done its work’
DOJ Declares it Will No Longer Enforce Two Gun-Control Statutes That Are ‘Inconsistent with the Second Amendment’
Vance calls midterms a referendum on ‘common sense versus pure unadulterated crazy’
Would-Be Robber Finds Out the Hard Way That He Picked the Wrong Victim: Two Shots Later He Was in the ER
Warren Buffett Steps Down as Chairman of Berkshire Hathaway, Names His Replacement: ‘Father Time Always Wins’
Teachers Unions Throw a Public Fit Over Kathy Hochul’s Rare Good Move to Sign Onto Trump’s Education Plan
Dealmaking Trump Locks in ‘Permanent’ Greenland Military Rights with Historic Pact, Slams Door on Chinese, Russian Expansion
Unsealed FBI interviews reveal Obama, Emanuel’s discussions about Blagojevich Senate seat deal
Illegal immigrant rideshare driver charged with rape in Maryland had prior NYC sex abuse arrest
Trump declares victory in historic deal with Greenland as he secures ‘permanent’ US military rights
FAA advances Trump’s ‘Triumphal Arch’ after review finds height doesn’t pose safety hazard to planes
Fox News Campus Radicals Newsletter: Trump bashing, chilled speech and a major saga renewed
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:
High School Football Team Shines ‘the Light of Jesus’ by Giving Every Opponent a Bible After Games
Which ‘Fake News’ Outlet Will Trump Ban from the White House Next? He Just Dropped Some Major Hints, and It’s Making Them Squirm
Watch: MLB Player Knocked Out Cold in ‘Terrifying Moment’ – Then Medics Manage to Make Things Worse
Why the House let out early is a matter of debate after Johnson says chamber has ‘done its work’
DOJ Declares it Will No Longer Enforce Two Gun-Control Statutes That Are ‘Inconsistent with the Second Amendment’
Vance calls midterms a referendum on ‘common sense versus pure unadulterated crazy’
Would-Be Robber Finds Out the Hard Way That He Picked the Wrong Victim: Two Shots Later He Was in the ER
Warren Buffett Steps Down as Chairman of Berkshire Hathaway, Names His Replacement: ‘Father Time Always Wins’
Teachers Unions Throw a Public Fit Over Kathy Hochul’s Rare Good Move to Sign Onto Trump’s Education Plan
Dealmaking Trump Locks in ‘Permanent’ Greenland Military Rights with Historic Pact, Slams Door on Chinese, Russian Expansion
Unsealed FBI interviews reveal Obama, Emanuel’s discussions about Blagojevich Senate seat deal
Illegal immigrant rideshare driver charged with rape in Maryland had prior NYC sex abuse arrest
Trump declares victory in historic deal with Greenland as he secures ‘permanent’ US military rights
FAA advances Trump’s ‘Triumphal Arch’ after review finds height doesn’t pose safety hazard to planes
Fox News Campus Radicals Newsletter: Trump bashing, chilled speech and a major saga renewed
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.
High School Football Team Shines ‘the Light of Jesus’ by Giving Every Opponent a Bible After Games
Which ‘Fake News’ Outlet Will Trump Ban from the White House Next? He Just Dropped Some Major Hints, and It’s Making Them Squirm
Watch: MLB Player Knocked Out Cold in ‘Terrifying Moment’ – Then Medics Manage to Make Things Worse
Why the House let out early is a matter of debate after Johnson says chamber has ‘done its work’
DOJ Declares it Will No Longer Enforce Two Gun-Control Statutes That Are ‘Inconsistent with the Second Amendment’
Vance calls midterms a referendum on ‘common sense versus pure unadulterated crazy’
Would-Be Robber Finds Out the Hard Way That He Picked the Wrong Victim: Two Shots Later He Was in the ER
Warren Buffett Steps Down as Chairman of Berkshire Hathaway, Names His Replacement: ‘Father Time Always Wins’
Teachers Unions Throw a Public Fit Over Kathy Hochul’s Rare Good Move to Sign Onto Trump’s Education Plan
Dealmaking Trump Locks in ‘Permanent’ Greenland Military Rights with Historic Pact, Slams Door on Chinese, Russian Expansion
Unsealed FBI interviews reveal Obama, Emanuel’s discussions about Blagojevich Senate seat deal
Illegal immigrant rideshare driver charged with rape in Maryland had prior NYC sex abuse arrest
Trump declares victory in historic deal with Greenland as he secures ‘permanent’ US military rights
FAA advances Trump’s ‘Triumphal Arch’ after review finds height doesn’t pose safety hazard to planes
Fox News Campus Radicals Newsletter: Trump bashing, chilled speech and a major saga renewed
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.
