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Thu Mar 26, 2020, 08:33 AM

A record 3.3 million Americans filed for unemployment benefits as the coronavirus slams economy

Source: Washington Post

Economy

A record 3.3 million Americans filed for unemployment benefits as the coronavirus slams economy

By Heather Long and Alyssa Fowers
March 26, 2020 at 8:30 a.m. EDT

A record 3.3 million Americans applied for unemployment benefits last week, the Labor Department said Thursday, as restaurants, hotels, barber shops, gyms and more shut down in a nationwide effort to slow the spread of the deadly coronavirus.

Laid off workers say there was such a crush of people applying for jobless benefits at once that they waited hours on the phone and the websites in several states, including New York and Oregon, crashed.

Many economists say the coronavirus recession has already commenced and what happened last week is only the beginning of a massive spike in unemployment that could result in over 40 million Americans losing their jobs by April.

{snip}

Heather Long
Heather Long is an economics correspondent. Before joining The Washington Post, she was a senior economics reporter at CNN and a columnist and deputy editor at the Patriot-News in Harrisburg, Pa. She also worked at an investment firm in London. Follow https://twitter.com/byHeatherLong

Alyssa Fowers
Alyssa Fowers is a graphics reporter for The Washington Post. Follow https://twitter.com/alyssafowers

Read more: https://www.washingtonpost.com/business/2020/03/26/unemployment-claims-coronavirus-3-million/



https://www.dol.gov/ui/data.pdf

News Release

Connect with DOL at https://blog.dol.gov

TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL 8:30 A.M. (Eastern) Thursday, March 26, 2020

COVID-19 Impact

During the week ending March 21, the increase in initial claims are due to the impacts of the COVID-19 virus. Nearly every state providing comments cited the COVID-19 virus impacts. States continued to cite services industries broadly, particularly accommodation and food services. Additional industries heavily cited for the increases included the health care and social assistance, arts, entertainment and recreation, transportation and warehousing, and manufacturing industries.

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending March 21, the advance figure for seasonally adjusted initial claims was 3,283,000, an increase of 3,001,000 from the previous week's revised level. This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. The previous high was 695,000 in October of 1982. The previous week's level was revised up by 1,000 from 281,000 to 282,000. The 4-week moving average was 998,250, an increase of 765,750 from the previous week's revised average. The previous week's average was revised up by 250 from 232,250 to 232,500. The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending March 14, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending March 14 was 1,803,000, an increase of 101,000 from the previous week's revised level. This is the highest level for insured unemployment since April 14, 2018 when it was 1,824,000. The previous week's level was revised up 1,000 from 1,701,000 to 1,702,000. The 4-week moving average was 1,731,000, an increase of 27,500 from the previous week's revised average. The previous week's average was revised up by 250 from 1,703,250 to 1,703,500.

{snip}

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Arrow 29 replies Author Time Post
Reply A record 3.3 million Americans filed for unemployment benefits as the coronavirus slams economy (Original post)
mahatmakanejeeves Mar 26 OP
durablend Mar 26 #1
ffr Mar 26 #14
DanieRains Mar 26 #2
Marrah_Goodman Mar 26 #26
BumRushDaShow Mar 26 #3
mahatmakanejeeves Mar 26 #4
BumRushDaShow Mar 26 #6
duforsure Mar 26 #5
machoneman Mar 26 #8
Bengus81 Mar 26 #15
gibraltar72 Mar 26 #7
machoneman Mar 26 #9
Hugin Mar 26 #10
Bengus81 Mar 26 #11
Hugin Mar 26 #16
ck4829 Mar 26 #27
Gothmog Mar 26 #12
maxrandb Mar 26 #18
mahatmakanejeeves Mar 26 #13
mahatmakanejeeves Mar 26 #17
Luciferous Mar 26 #19
Yo_Mama_Been_Loggin Mar 26 #20
TheFourthMind Mar 26 #21
mahatmakanejeeves Mar 26 #22
honest.abe Mar 26 #23
Stuart G Mar 26 #24
ck4829 Mar 26 #25
MoonlitKnight Mar 27 #28
mahatmakanejeeves Mar 29 #29

Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 08:34 AM

1. Tired of all the winning yet?

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Response to durablend (Reply #1)

Thu Mar 26, 2020, 10:29 AM

14. It'll turn around in a couple weeks when we're all asked to go back to work.

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 08:36 AM

2. I Laid Off 2 Yesterday 2 Last Week

More coming.

For our safety.

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Response to DanieRains (Reply #2)

Thu Mar 26, 2020, 03:49 PM

26. They should be okay with the new unemployment rules

state unemployment percentage of their income (varies from state to state) +600 dollars a week.

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 08:39 AM

3. WaPo just had their breaking

A record 3.3 million Americans filed for unemployment benefits as the coronavirus slams economy

By Heather Long and Alyssa Fowers
March 26, 2020 at 8:30 a.m. EDT

A record 3.3 million Americans applied for unemployment benefits last week, the Labor Department said Thursday, as restaurants, hotels, barber shops, gyms and more shut down in a nationwide effort to slow the spread of the deadly coronavirus. Laid off workers say there was such a crush of people applying for jobless benefits at once that they waited hours on the phone and the websites in several states, including New York and Oregon, crashed.

Many economists say the coronavirus recession has already commenced and what happened last week is only the beginning of a massive spike in unemployment that could result in over 40 million Americans losing their jobs by April. Bank of America predicted 3 million people would apply for unemployment benefits last week, easily surpassing the prior record of 695,000 new jobless claims that was set in 1982 as the nation battled high inflation. This is “widespread carnage," said Jacob Robbins, an assistant economist professor at the University of Illinois at Chicago, "And it’s going to get worse.”

Thursday’s Labor Department report encompasses completed applications filed March 15-21. Layoffs skyrocketed on Monday, March 16 after President Trump declared that no more than 10 people should gather together at once time, effectively forcing restaurants and other public places to close. Many economists, including Robbins, predict there will be another surge of over a million new jobless claims this week as well.

Experts say the true number of unemployed so far from the coronavirus is likely much higher that 3.3 million because a lot of workers are not allowed to apply for this particular benefit. Self-employed workers, gig workers, students, people who did not live in the state last year or workers fewer than six months last year are typically not eligible to apply for unemployment insurance in most states.

https://www.washingtonpost.com/business/2020/03/26/unemployment-claims-coronavirus-3-million/

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Response to BumRushDaShow (Reply #3)

Thu Mar 26, 2020, 08:41 AM

4. Thanks. I just linked to them. I was up early this morning and already on the DOL site.

It locked up in MSIE, but I was able to cut and paste in Chrome.

Good morning, such as it is.

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Response to mahatmakanejeeves (Reply #4)

Thu Mar 26, 2020, 08:47 AM

6. I avoid IE like the plague!



And good morning I suppose. The sun is out so there's that.

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 08:42 AM

5. If trump hasn't corrupted the numbers by using and threatening red state Governors

To lower their numbers, and like I suspect these red state governors are doing with reporting corona virus cases. I think they could be double of what's being reported.

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Response to duforsure (Reply #5)

Thu Mar 26, 2020, 09:06 AM

8. Bet the RNC and Trump have leaned heavily on all red state governors for some time now.

That odious RNC head is a real pistol. She'd shoot her own uncle to gain Trump's admiration.

One can bet it's not just phony, understated virus deaths nor low unemployment numbers. They are likely underreporting their protective gear supply in order to deny blue states their share. Same goes for their failures to mandate shelter in place orders and to bitch about not being able to worship en masse to their sky gods on Sunday.

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Response to machoneman (Reply #8)

Thu Mar 26, 2020, 11:22 AM

15. The media needs to be full blown on top of ANY State

refusing to release unemployment numbers just to help the Fuehrer. Obama never asked States to lie as the unemployment got worse for awhile when he took office.

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 09:03 AM

7. Lots of people are saying the "real" unemployment rate is as high as 40 some say 45%.

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Response to gibraltar72 (Reply #7)

Thu Mar 26, 2020, 09:09 AM

9. Lots of people say.....

...Trump is a blithering idiot.

Trump's penchant for saying b.s. is getting worse all the time. With CBS and CNN and others now truncating his daily "pep rally virus" updates, he'll be madder than a wet hen. Serves him right.

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 09:13 AM

10. So far the futures are 'meh...'

They've got to keep it ool-cay on-ay he-tay ump-day until they can line their pockets with the so-called stimulus.

Privatize the profit and socialize the risk is their mantra.

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Response to Hugin (Reply #10)

Thu Mar 26, 2020, 09:42 AM

11. DOW up 400+...

Interesting to really see in this crisis what gives Wall St a woodie. Unemployment means nothing,a global pandemic means nothing but give Corporations ANOTHER hand out and it goes up possibly three days in a row depending on today.

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Response to Bengus81 (Reply #11)

Thu Mar 26, 2020, 12:29 PM

16. Gambling with other people's money gives Wall Street a chubbie.

A little bad news for Labor is all they need.

The real danger is the 0.01% who've got the house rigged to dump it directly into their musty valts.

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Response to Bengus81 (Reply #11)

Thu Mar 26, 2020, 04:36 PM

27. Yep

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 09:54 AM

12. Wow

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Response to Gothmog (Reply #12)

Thu Mar 26, 2020, 02:19 PM

18. More stunning. 3.3M unemployment claims, and the Stock Market rises

Kinda' tells you measuring the Dow doesn't do a good job of what's going on in the American families economy.

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 10:03 AM

13. Horrific economic toll. 3.2 million initial weekly jobless claims in one week.

Kevin M. Kruse Retweeted

Congress is about to leave town for a month.



Horrific economic toll. 3.2 million initial weekly jobless claims in one week. Previous crises and recessions are barely a blip on this chart.


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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 01:24 PM

17. Mnuchin On Record Jobless Claims: Amazon Is Hiring

Mnuchin On Record Jobless Claims: Amazon Is Hiring

March 26, 2020

“To be honest with you, I just think these numbers right now are not relevant whether they’re bigger or smaller in the short term. Obviously, there people who have jobless claims, and, again, the good thing about the bill is the president is protecting those people.

“They had no choice, now with this bill passed by Congress, there are protections, and as I said, hopefully, those workers will be rehired, but between these three programs, it protects all of American workers.”

“And by the way, you know, lots of big companies do continue to hire, for obviously grocery stores, pharmacies, you know, delivery services. These companies are on overtime, so I know they’re hiring people as fast as they can.” – Steve Mnuchin, speaking on CNBC.

Steve Mnuchin: it's "not relevant" that 3.3 million more Americans are now out of a job and filing for unemployment.

It's absolutely stunning how out of touch the Trump administration is as countless Americans suffer thanks to their incompetent response to the coronavirus.


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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 02:32 PM

19. I bet the numbers will get a lot higher.

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 02:44 PM

20. Tired of winning yet?

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 03:01 PM

21. "Great." n/t

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 03:06 PM

22. I have been a labor economist for a very long time and have never seen anything like this.

Neal Katyal Retweeted

BRACE YOURSELF. I have been a labor economist for a very long time and have never seen anything like this. Here are last week’s initial unemployment insurance (UI) claims. (1/n)



Initial UI claims jumped from 211,000 three weeks ago to 282,000 two weeks ago to 3.3 *million* last week. That is nearly a 1500% increase in two weeks. (2/n)



Is the shock-factor of last week’s UI numbers being driven by seasonal adjustments? Nope. Here is the not-seasonally adjusted series. (3/n)



Even more disturbing? Last week’s spike in UI claims is just the tip of the iceberg. We estimate that by summer, 14 million workers will lost their jobs due to the #coronavirus shock. (4/n)



From elsewhere. Hat tip, theStranger:

NEWS • CORONAVIRUS
Breaking Coronavirus Updates: Kshama Sawant Asks Inslee to "Immediately Enact a Rent Freeze Through the Rest of 2020"
by The Stranger • Thursday at 10:20 am

{snip}

Here's one measure of just how severely the coronavirus outbreak has already hurt the U.S. job market.

Read more. https://nyti.ms/3dw6AJK



{snip}

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Response to mahatmakanejeeves (Reply #22)

Thu Mar 26, 2020, 03:14 PM

23. That chart is shocking.

This is going to get very ugly before it gets any better.

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 03:14 PM

24. Look at job chart on page 1, NYT at link below (same charts in post 22)

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Response to mahatmakanejeeves (Original post)

Thu Mar 26, 2020, 03:46 PM

25. Kick

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Response to mahatmakanejeeves (Original post)

Fri Mar 27, 2020, 02:17 AM

28. Plus you often have to wait a week before you can file

Just the tip of a very large iceberg.

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Response to mahatmakanejeeves (Original post)

Sun Mar 29, 2020, 08:37 AM

29. Future bleak for long-term jobless

I'm clearing out old papers. That's the print title for this article:

Economic Policy

Five reasons why the long-term jobless don’t matter to the economy

By Ylan Q. Mui
Reporter
March 20, 2014 at 1:00 p.m. EDT

Princeton University professor Alan Krueger dives deep into the problem of long-term unemployment in a new paper to be presented Thursday at the Brookings Institution. He calls people who have been out of a job for six months or more an “unlucky subset of the unemployed” who exist on the margins of the economy -- with faint hope of returning to productivity. Here are five takeaways from his paper, co-authored with Judd Cramer and David Cho of Princeton.

{snip}

Ylan Mui
Ylan Q. Mui was a financial reporter at The Washington Post covering the Federal Reserve and the economy. She left The Post in January 2017. Follow https://twitter.com/ylanmui

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