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.”
California authorities search for 2 children allegedly abducted by father, fear for their safety
At least 1 shot, 1 detained after reported active shooter at Texas mall: police
Federal appeals court rejects Trump bid to enforce mail ballot order ahead of midterm elections
Second House Discovered Related to Family With 16 ‘Almost Feral’ Children – Building Described as ‘Just Urine, Feces’
India’s education minister resigns after student protests over medical exam leaks
EXCLUSIVE: Alleged $32M COVID-19 fraud fugitive captured in Jamaica and returned to US, FBI says
Court checks Pritzker as Trump administration scores another immigration win
NYC 5-alarm fire injures at least 17 firefighters, others as blaze damages multiple apartment buildings
Katy Perry ‘appalled’ to see her song used on White House TikTok account
Biden judge blocking Ethiopian deportations despite SCOTUS ruling clashed with ICE before
Fewer Gay Professionals Feel Being Gay Helps Their Career
Trump defends New York Times subpoenas as judge seeks internal DOJ communications
State Officials Blamed Citizens for Death of Bear Stuck Atop Power Pole, but What Bystander Says She Saw Changes Everything
Maine Democrats crown Troy Jackson as Platner replacement as fresh scrutiny clouds Senate reset
Pentagon Official Calls Ex-White House AI Architect ‘Village Idiot’ in China Policy Spat
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:
California authorities search for 2 children allegedly abducted by father, fear for their safety
At least 1 shot, 1 detained after reported active shooter at Texas mall: police
Federal appeals court rejects Trump bid to enforce mail ballot order ahead of midterm elections
Second House Discovered Related to Family With 16 ‘Almost Feral’ Children – Building Described as ‘Just Urine, Feces’
India’s education minister resigns after student protests over medical exam leaks
EXCLUSIVE: Alleged $32M COVID-19 fraud fugitive captured in Jamaica and returned to US, FBI says
Court checks Pritzker as Trump administration scores another immigration win
NYC 5-alarm fire injures at least 17 firefighters, others as blaze damages multiple apartment buildings
Katy Perry ‘appalled’ to see her song used on White House TikTok account
Biden judge blocking Ethiopian deportations despite SCOTUS ruling clashed with ICE before
Fewer Gay Professionals Feel Being Gay Helps Their Career
Trump defends New York Times subpoenas as judge seeks internal DOJ communications
State Officials Blamed Citizens for Death of Bear Stuck Atop Power Pole, but What Bystander Says She Saw Changes Everything
Maine Democrats crown Troy Jackson as Platner replacement as fresh scrutiny clouds Senate reset
Pentagon Official Calls Ex-White House AI Architect ‘Village Idiot’ in China Policy Spat
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.
California authorities search for 2 children allegedly abducted by father, fear for their safety
At least 1 shot, 1 detained after reported active shooter at Texas mall: police
Federal appeals court rejects Trump bid to enforce mail ballot order ahead of midterm elections
Second House Discovered Related to Family With 16 ‘Almost Feral’ Children – Building Described as ‘Just Urine, Feces’
India’s education minister resigns after student protests over medical exam leaks
EXCLUSIVE: Alleged $32M COVID-19 fraud fugitive captured in Jamaica and returned to US, FBI says
Court checks Pritzker as Trump administration scores another immigration win
NYC 5-alarm fire injures at least 17 firefighters, others as blaze damages multiple apartment buildings
Katy Perry ‘appalled’ to see her song used on White House TikTok account
Biden judge blocking Ethiopian deportations despite SCOTUS ruling clashed with ICE before
Fewer Gay Professionals Feel Being Gay Helps Their Career
Trump defends New York Times subpoenas as judge seeks internal DOJ communications
State Officials Blamed Citizens for Death of Bear Stuck Atop Power Pole, but What Bystander Says She Saw Changes Everything
Maine Democrats crown Troy Jackson as Platner replacement as fresh scrutiny clouds Senate reset
Pentagon Official Calls Ex-White House AI Architect ‘Village Idiot’ in China Policy Spat
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.
