Unemployment Claims Hit 6.6 Million Last Week Due to Wuhan Coronavirus Pandemic
“That brings the number of applications for the last three weeks to more than 16 million, a stunning sign of the colossal economic damage inflicted by the outbreak.”
The Labor Department reported that 6.6 million Americans filed for unemployment between March 28 and April 4.
From FOX Business:
Claims between the period of March 28 and April 4 neared the previous week’s record of 6.8 million, according to the weekly jobless claims report from the Labor Department published on Thursday. The previous week’s total was revised higher by 219,000.
Economists surveyed by Refinitiv expected the number of initial claims for state unemployment benefits to hit 5.25 million.
That brings the number of applications for the last three weeks to more than 16 million, a stunning sign of the colossal economic damage inflicted by the outbreak.
The four-week moving average was 3.5 million, up 1.43 million from a week ago.
The report, which provides the most up-to-date evidence on the labor market and the health of the economy, likely reinforces economists’ views that the U.S. has already entered a recession, bringing to an end a historically long, 11-year economic expansion.
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Comments
A true shame. No one wants the cure to be worse than the disease. However New York City had over 700 Deaths yesterday. Extrapolation from national mortality rates shows that on a typical day, New York City would have 200 deaths. That’s not good.
Link?
Here are source matter links.
Number of one day deaths: 779 deaths..
United States Death Rate
New York City Sources
New York City Population
One Day Death Total in New York City
United States Death Rate
NYT & CDC?
No thank you – they lie.
CDC and Census are the only amalgamators of the data. The data is always dirty. There has been a spike in deaths. Whether there have been other spikes that go unreported is not known.
700 deaths/day x 365 days is 255500 deaths a year. Out of 8.1 MILLION people. Let me repeat. If the death toll occurred every single day of the year, it would not even DENT the population of NYC. PERSPECTIVE, along with common sense, has left the building.
On the either hand, 17 million jobs lost [more likely twice that as these are unemployment claims] is a significant dent in the 170 million people employed in the US. Which is worse.
REMEMBER COLLEGES AND UNIVERSITIES STARTED THE ECONOMIC SHUT DOWN.
Eternal Curses upon them all.
Americans need to put a mask on and get back to work!