Posted on 04/02/2020 5:38:26 AM PDT by DoodleDawg
Breaking news headline on MSN News. No story.
10 million in 2 weeks, my guess is this week will be 8-10 million, and another 20 million in the next 4 weeks.
Could be. Texas and Florida are just now shutting down.
I can't imagine that the unemployment office in any state is set up to process this many claims
CNBC: The torrent of Americans filing for unemployment insurance continued last week as more than 6.6 million new claims were filed, the Labor Department reported Thursday. That brings to 10 million the total Americans who filed over the past two weeks.
Economists surveyed by Dow Jones estimated 3.1 million, a week after 3.3 million filings in the first wave of what has been a record-shattering swelling of the jobless ranks. The previous week’s total was revised higher by 24,000.
On an unadjusted basis, the total was 5.8 million, a number that some economists consider more relevant as seasonal adjustments are less relevant due to the unusual impact the coronavirus-induced shutdown has had on the U.S. economy.
The carnage from a shuttered economy will dwarf anything that virus could have mustered. Projections for up to 820,000 suicides have been made. Uncharted waters.
Unfortunately, it’s the self employed, small business, hourly, regular John/Jane Doe taking the biggest hits here. Going to be a tough recovery road.
It’s almost like the powers that be WANT a depression.
Almost all fillings are now online so I can envision crashed servers. Of course approval is almost automatic with no verification as the states are waiving the rules.
“Almost all fillings are now online so I can envision crashed servers. Of course approval is almost automatic with no verification as the states are waiving the rules”________________________________________________
I’ve never had an employee go on unemployment, so I’m not sure what’s normal and what isn’t. But my first employee who went on unemployment last week was approved and I was never even contacted to verify whether he was laid off or not. That seemed odd to me.
“Economists surveyed by Dow Jones estimated 3.1 million...”
Who are these Einsteins?
The carnage from a shuttered economy will dwarf anything that virus could have mustered. Projections for up to 820,000 suicides have been made. Uncharted waters.
_________________________________________________________
Where did you get those ‘projections’? That’s about the most depressing thing I’ve seen posted since this all began.
I had to file because my plant is shut down. Process was on-line, no problem. Had to verify ID with SSN and drivers license number. The “waiver” here was that I could file even tho’ I have a call-back date. The shut down might be over before I get any checks, but it will help cover the short fall.
“Going to be a tough recovery road.”
They will just go back to their old jobs when the virus is gone.
Unemployment claims spiked to new record last week, with 6.6M Americans filing for aid
https://www.foxbusiness.com/economy/us-unemployment-claims-march-coronavirus-economy
Dems and late nights hosts must be thrilled!
Of course, that’s who got through. State UI systems cannot handle the load. 3.3 million got through last week. That’s 10 million for two weeks.
Assuming the companies where their old jobs were are able to reopen.
My temperament is going to hell in a hand basket from being stuck in so much.
my company is shut down and while I am doing online work that I have always done on the side, going to one of my friend’s restaurants several times a week even if for a drink was a huge release of stress.
I have a feeling that there are going to be a lot of domestic arguments in the coming month
Add the trillions and trillions of spending to the picture and what you get is a recovery that could take years and years to complete....assuming we don’t get more socialism stuffed down our throats in the interim.
This number grossly understates the carnage. Millions of people were gig workers, freelancers, self-employed or contract workers. They worked on a 1099 rather than W2. Graphic artists, accountants, recruiters, tech writers, etc, etc.
Not sure how to keep them whole compared to “employees” and small businesses.
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