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.”
House Republican plans motion to oust Swalwell from Congress amid sexual assault allegations
Self-proclaimed ‘prophet’ with underage ‘wives’ exposed after couple he trusted helped uncover abuse ring
Machete-wielding suspect claiming to be ‘Lucifer’ shot by police after allegedly stabbing 3 at transit hub
DC Put On ‘Spring Teen Jam’ To Keep Juveniles Out Of Trouble — Instead, Eight Got Arrested
America’s Northern Neighbor Going on Gun-Grabbing Spree
Army of Radical Prosecutors All Have One Thing in Common
Fox’s Maria Bartiromo honored with prestigious award
Trump blasts Spanberger ahead of Virginia meetings, says state faces tax base exodus like New York, California
Hakeem Jeffries Tells Activist Audience DEI Is Explicitly Written Into Constitution
ICE detains relatives of 1979 Iran hostage crisis figure after Rubio revokes their legal status
Swalwell calls sexual misconduct allegations ‘flat out false,’ says he will fight them ‘with everything’
Photos show Athena Strand kidnapping truck as jurors weigh death penalty for killer FedEx driver
Coast Guard Confiscates Over $33 Million of Cocaine in Major Bust
Swalwell ripped for changing his tune on how sexual assault victims ‘deserve to be heard’
WATCH: Eviction standoff turns war zone as gunman kills deputy in ambush, gets run over by armored vehicle
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:
House Republican plans motion to oust Swalwell from Congress amid sexual assault allegations
Self-proclaimed ‘prophet’ with underage ‘wives’ exposed after couple he trusted helped uncover abuse ring
Machete-wielding suspect claiming to be ‘Lucifer’ shot by police after allegedly stabbing 3 at transit hub
DC Put On ‘Spring Teen Jam’ To Keep Juveniles Out Of Trouble — Instead, Eight Got Arrested
America’s Northern Neighbor Going on Gun-Grabbing Spree
Army of Radical Prosecutors All Have One Thing in Common
Fox’s Maria Bartiromo honored with prestigious award
Trump blasts Spanberger ahead of Virginia meetings, says state faces tax base exodus like New York, California
Hakeem Jeffries Tells Activist Audience DEI Is Explicitly Written Into Constitution
ICE detains relatives of 1979 Iran hostage crisis figure after Rubio revokes their legal status
Swalwell calls sexual misconduct allegations ‘flat out false,’ says he will fight them ‘with everything’
Photos show Athena Strand kidnapping truck as jurors weigh death penalty for killer FedEx driver
Coast Guard Confiscates Over $33 Million of Cocaine in Major Bust
Swalwell ripped for changing his tune on how sexual assault victims ‘deserve to be heard’
WATCH: Eviction standoff turns war zone as gunman kills deputy in ambush, gets run over by armored vehicle
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.
House Republican plans motion to oust Swalwell from Congress amid sexual assault allegations
Self-proclaimed ‘prophet’ with underage ‘wives’ exposed after couple he trusted helped uncover abuse ring
Machete-wielding suspect claiming to be ‘Lucifer’ shot by police after allegedly stabbing 3 at transit hub
DC Put On ‘Spring Teen Jam’ To Keep Juveniles Out Of Trouble — Instead, Eight Got Arrested
America’s Northern Neighbor Going on Gun-Grabbing Spree
Army of Radical Prosecutors All Have One Thing in Common
Fox’s Maria Bartiromo honored with prestigious award
Trump blasts Spanberger ahead of Virginia meetings, says state faces tax base exodus like New York, California
Hakeem Jeffries Tells Activist Audience DEI Is Explicitly Written Into Constitution
ICE detains relatives of 1979 Iran hostage crisis figure after Rubio revokes their legal status
Swalwell calls sexual misconduct allegations ‘flat out false,’ says he will fight them ‘with everything’
Photos show Athena Strand kidnapping truck as jurors weigh death penalty for killer FedEx driver
Coast Guard Confiscates Over $33 Million of Cocaine in Major Bust
Swalwell ripped for changing his tune on how sexual assault victims ‘deserve to be heard’
WATCH: Eviction standoff turns war zone as gunman kills deputy in ambush, gets run over by armored vehicle
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.
