Triples333 wrote:Optimus_Steel wrote:Jobless claims soar to record-breaking 6.648 million
The U.S. Labor Department released fresh data on Thursday morning that showed the effect of the novel coronavirus on employment in the U.S. The number of Americans filing for unemployment benefits spiked to a record-breaking 6.648 million for the week ending March 28. Consensus expectations were for 3.76 million claims. The prior week’s figure was revised higher to 3.307 million claims from 3.283 million. Prior to the week ending March 21, the previous record was 695,000 claims filed the week ended October 2, 1982.
“The deterioration of the labor market in the past two weeks almost defies belief,” Nick Bunker, Indeed Hiring Lab's director of economic research, wrote in an email Thursday. “Since March 14, approximately 3.8% of the working age population has filed for unemployment. For context, during the Great Recession, the share of the population dropped 4.6 percentage points from December 2007 to December 2009. That took two years. The labor market is in a historic freefall."
https://finance.yahoo.com/news/coronavirus-covid-weekly-initial-jobless-claims-march-28-165758189.htmlThis is just the beginning on unemployment filings. In upsets me that congress passed legislation that comes nowhere near close to help everyday Americans with this, as we all healthcare coverage.
Well, Healthcare is a separate issue, but unemployment wise they did in fact go above and beyond with the proposal of the $600 a week on top of one's unemployment benefits (and vastly extending who qualifies for these benefits) for up to 4 months. I was incredibly surprised this much money was flat allocated. It is a major pay raise for a huge chunk of Americans who were laid off. Now we will see how seamlessly it is distributed, as that is a whole other matter (granted, to their credit, this is the reason why a flat amount was proposed).
Healthcare is not a separate issue because large proportions of the country have health insurance coverage thru their employers, they are let go they lose they paycheck and the healthcare coverage.
The employment issue they decided on still leaves tons of people unable to get unemployment benefits due to being self employed, or gig workers, etc. Also the unemployment is based on a state by state basis, and every state has different ways to apply, different payouts, etc. Here in Florida for example the website for unemployment has been outdated and not working right for years and out of spite our politicians refused to fix it. Now thousands are trying to get thru on the website and apply but they cant, it just crashes over and over. Reality is that unemployment numbers are likely far below what they are reporting because people are having trouble just applying for unemployment. Seems like regular people have to jump thru hoops just to do an application, while large corporations have an easy and short application process for help.
Also nothing has been done at all to freeze mortgage, rent, utilities, student loan, car, credit card payments, etc., except for some instances here and there. Bills are still coming and funds from the government seem a ways from arriving.
Also, in the last 2 weeks more people have lost their jobs than the first 6 months of the Great Depression, meanwhile Congress left Washington for 3+ weeks.