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.”
El-Sayed’s threat against GOP rival backfires as conservatives bring receipts: ‘Is Dubai in Florida’
Taxpayer-funded housing for illegal immigrants in GOP’s crosshairs: ‘It’s got to stop’
African Nation Names One of the Continent’s Largest Roads ‘Donald J. Trump Highway’
Democratic Rep. Who Pushed Latest Impeachment Attempt Against Trump Loses Re-Election Bid
Hasan Piker becomes both a Democratic kingmaker — and political liability
Abdul El-Sayed’s Medicare-for-all crusade collides with an awkward contradiction involving his wife
GOP Senate Nominee Mike Rogers Kicks Off Race Against El-Sayed With a Big Swing
‘Large Jewish Dem Donors’ to Back Republican Mike Rogers After El-Sayed Wins Dem Primary: Report
DOJ puts $25 million bounty on US-born cartel leader
Trump’s antitrust point man could reshape Big Tech cases against Google and Apple if confirmed
US revokes Brazilian ambassador’s visa in diplomatic tit-for-tat
Alex Murdaugh’s lawsuit against Rebecca Hill dismissed by judge who says clerk doesn’t owe him for defense
FAA, NTSB investigating possible violation of safety protocol involving Trump, Marine One
Tlaib moves to block ICE airport arrests, says TSA helping target immigrants
Israel strikes Hezbollah in Lebanon as Rome peace talks continue
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:
El-Sayed’s threat against GOP rival backfires as conservatives bring receipts: ‘Is Dubai in Florida’
Taxpayer-funded housing for illegal immigrants in GOP’s crosshairs: ‘It’s got to stop’
African Nation Names One of the Continent’s Largest Roads ‘Donald J. Trump Highway’
Democratic Rep. Who Pushed Latest Impeachment Attempt Against Trump Loses Re-Election Bid
Hasan Piker becomes both a Democratic kingmaker — and political liability
Abdul El-Sayed’s Medicare-for-all crusade collides with an awkward contradiction involving his wife
GOP Senate Nominee Mike Rogers Kicks Off Race Against El-Sayed With a Big Swing
‘Large Jewish Dem Donors’ to Back Republican Mike Rogers After El-Sayed Wins Dem Primary: Report
DOJ puts $25 million bounty on US-born cartel leader
Trump’s antitrust point man could reshape Big Tech cases against Google and Apple if confirmed
US revokes Brazilian ambassador’s visa in diplomatic tit-for-tat
Alex Murdaugh’s lawsuit against Rebecca Hill dismissed by judge who says clerk doesn’t owe him for defense
FAA, NTSB investigating possible violation of safety protocol involving Trump, Marine One
Tlaib moves to block ICE airport arrests, says TSA helping target immigrants
Israel strikes Hezbollah in Lebanon as Rome peace talks continue
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.
El-Sayed’s threat against GOP rival backfires as conservatives bring receipts: ‘Is Dubai in Florida’
Taxpayer-funded housing for illegal immigrants in GOP’s crosshairs: ‘It’s got to stop’
African Nation Names One of the Continent’s Largest Roads ‘Donald J. Trump Highway’
Democratic Rep. Who Pushed Latest Impeachment Attempt Against Trump Loses Re-Election Bid
Hasan Piker becomes both a Democratic kingmaker — and political liability
Abdul El-Sayed’s Medicare-for-all crusade collides with an awkward contradiction involving his wife
GOP Senate Nominee Mike Rogers Kicks Off Race Against El-Sayed With a Big Swing
‘Large Jewish Dem Donors’ to Back Republican Mike Rogers After El-Sayed Wins Dem Primary: Report
DOJ puts $25 million bounty on US-born cartel leader
Trump’s antitrust point man could reshape Big Tech cases against Google and Apple if confirmed
US revokes Brazilian ambassador’s visa in diplomatic tit-for-tat
Alex Murdaugh’s lawsuit against Rebecca Hill dismissed by judge who says clerk doesn’t owe him for defense
FAA, NTSB investigating possible violation of safety protocol involving Trump, Marine One
Tlaib moves to block ICE airport arrests, says TSA helping target immigrants
Israel strikes Hezbollah in Lebanon as Rome peace talks continue
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.
