In the last week 2.123 million more Americans filed for unemployment benefits for the first time (versus the 2.10mm expected).
Source: Bloomberg
That brings the ten-week total to 40.767 million, dramatically more than at any period in American history
But continuing claims declined last week as it appears some ofthe reopenings are seeing people come off the dole…
Source: Bloomberg
As federal lawmakers debate another relief package for the coronavirus pandemic that’s put approximately 35 million out of work, a new study shows how generous (or not) the added unemployment benefits were in the initial stimulus bill addressing the crisis.
Two-thirds (68%) of jobless workers would bring home more money from their state unemployment insurance and $600 weekly supplement from the feds than they would on the job, according to University of Chicago researchers.
In fact, one in every five eligible workers would receive benefits that were at least double their lost earnings, added the researchers, who emphasized that they weren’t taking a position on whether the benefits were too much or too little.
Authored by J.D.Tuccille via Reason.com,
Could the stalled economy we’ve inflicted on ourselves in our frantic efforts to battle the COVID-19 pandemic lead to civil disorder? History suggests that’s a real danger.
Around the world, high unemployment and stagnant economic activity tend to lead to social unrest, including demonstrations, strikes, and other forms of potentially violent disruptions. That’s a huge concern as forecasters expect the U.S. unemployment rate in the months to come to surpass that seen during the depths of the Great Depression.
Continue reading “Pandemic-Related Unemployment And Shutdowns Are A Recipe For Social Unrest”
The pace at which Americans are losing their jobs is absolutely breathtaking. According to the Wall Street Journal, the largest number of new claims for unemployment benefits ever recorded in a single week prior to this year was 695,000 during the week that ended October 2nd, 1982.
So that means that what we are now witnessing is completely unprecedented, as The US Department of Labor reports a stunning increase of 3.283 million people sought initial jobless claims last week amid the virus lockdowns (almost double the expectation of a 1.7million increase).
The Bureau of Labor Statistics says that nearly every single state cited Covid-19 in its reporting.
Continue reading “A Record 3.3 Million Americans Just Filed For Unemployment Benefits”