BLK ALERTS

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Another state, this time Montana, wants to stop mandatory diversity training

    March 21, 2023

    Pay transparency is spreading, and that’s good for Black workers

    March 21, 2023

    Anti-government protests in Kenya lead to opposition arrests

    March 21, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram Vimeo
    BLK ALERTS
    Subscribe Login
    • Home
    • Lifestyle
    • News
    • Crime
    • Entertainment
    • Opinion
    • Sports
    • Politics
    BLK ALERTS
    Home»Coronavirus»Record 3.3 Million File For Unemployment Last Week
    Coronavirus

    Record 3.3 Million File For Unemployment Last Week

    Dominique NoelleBy Dominique NoelleMarch 26, 2020Updated:March 28, 2020No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The surge in weekly unemployment applications was a stunning reflection of the damage the viral coronavirus outbreak is doing to the economy. Filings for unemployment aide generally reflect the pace of layoffs.

    What We Know:

    • According to the labor department, the number of new jobless claims filed by individuals seeking unemployment benefits rose by more than 3 million to 3.28 million from 281,000 the previous week. The figure is the highest ever reported, beating the previous record of 695,000 claims filed the week ending 2 October 1982.
    • As job losses mount, some economist say the nation’s unemployment rate could approach 13% by May. Worsening the problem, most state agencies that handle unemployment claims are operating at historically low funding levels and staffing that are intended to handle the trickle of claims. Just weeks ago, the job market was in the strongest shape it had been in decades.
    • The Trump administration is pushing through a $2 trillion stimulus package that includes payments to taxpayers as well as bailouts for hard hit industries. But the money will not head off a huge surge in unemployment.

    “This morning’s jobless claims confirm that the United States is in the thralls of a catastrophic unemployment crisis, the likes of which we haven’t seen since the Great Depression. This represents the single worst one-day piece of labor market news in America’s history.” – Andrew Stettner, senior fellow at the Century Foundation thinktank.

    • Many people who have lost jobs in recent days have been unable to file for unemployment aid because state websites and phone systems, overwhelmed by a crush of applicants, have frozen up. That logjam suggests that Thursday’s report on filings for unemployment benefits understates the magnitude of job cuts last week.
    • Separate legislation passed last week provides up to $1 billion to states to enhance their ability to process claims but that money will take time to be disbursed.

    • Taylor Cox, a 29-year old bartender from Indianapolis, was laid off 12 days ago. “People are scared, people don’t know what’s going to happen. The idea of a tipped worker going without tips for eight weeks or more is one of the most frightening things to have to confront,” Cox told the Guardian.
    • Ohio and South Carolina stopped releasing daily figures after receiving a memo from the department of labor that read: “The data from these reports is monitored closely by policy makers and financial markets to determine appropriate actions in light of fast-changing economic conditions. As such, the data must remain embargoed until the national claims report is released the following Thursday at 8:30am.”
    • Trump is concerned the quarantine measures could prove more harmful than the virus, an opinion that is disputed by economists and health experts. On Wednesday he tweeted: “The real people want to get back to work ASAP. We will be stronger than ever before!”
    • Last week’s sharp rise in unemployment marks the end of an historic period of U.S. jobs growth. U.S. employers have added jobs every month for 101 consecutive months and in March the unemployment rate was 3.5%, a 50-year low.

    Ellen Zentner, an economist at Morgan Stanley, expects the economy to start recovering by the second half of the year. It will take time for things to return to something close to normal. The unemployment rate could still top 5% at the end of next year.

    Black News Alerts business Coronavirus COVID-19 ECONOMIC IMPACT OF CORONAVIRUS ECONOMICS economy GOVERNMENT AND POLITICS GREAT RECESSION Headlines health JOBLESS CLAIMS JOBS layoffs national news SHUTDOWN unemployment
    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleLizzo Leads Live Online Meditation, Plays Flute for Fans in Coronavirus Crisis
    Next Article New Jersey Man Charged with Terrorism After coughing on woman, claiming coronavirus
    Dominique Noelle

    Dominique Browder is a Digital Content Creator for UnmutedCo. Dominique is creating news content for Black News Alerts website, social media and newsletter. She enjoys the freedom and loose structure at UnmutedCo and loves how she is able to gain a more hands-on experience. When she is not writing and researching content, Dominique lends her skills to empowering women.

    Related Posts

    Pay transparency is spreading, and that’s good for Black workers

    March 21, 2023

    FHLBank San Francisco Helped Doris Ealy Achieve the American Dream of Homeownership | PICs

    March 21, 2023

    Babe’s and Ricky’s Inn Memorial and Reunion Jam | PHOTOs

    March 21, 2023

    Martina Navratilova Says She Is Cancer-Free: ‘Good to Go’

    March 21, 2023
    Our Picks

    Tamar Braxton Claims Kandi Burruss Tried To Fight Her & Todd Tucker Threatened Her, Kandi Responds

    March 20, 2023

    Donald Glover’s ‘SWARM’ Has The Internet In A Chokehold: Dominique Fishback’s Award Winning Performance, Chloe & Damson’s Sex Scene & Malia Obama’s TV Writing Debut

    March 20, 2023

    Celebrity Stylist Law Roach Is ‘Definitely Retiring,’ But Not From Fashion – Opens Up About Future With Zendaya & Responds To Priyanka Chopra Jonas’ ‘Sample Size’ Comments

    March 19, 2023

    Lance Reddick, Beloved Star Of ’The Wire’ & ‘John Wick’ Franchise, Reportedly Dies From Natural Causes At 60

    March 19, 2023
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Don't Miss
    The Grio

    Another state, this time Montana, wants to stop mandatory diversity training

    By thegrio.comMarch 21, 20230

    Pay transparency is spreading, and that’s good for Black workers

    March 21, 2023

    Anti-government protests in Kenya lead to opposition arrests

    March 21, 2023

    FHLBank San Francisco Helped Doris Ealy Achieve the American Dream of Homeownership | PICs

    March 21, 2023

    Subscribe to Updates

    Get the latest creative news from BLK ALERTS about our community.

    About Us
    About Us

    Your source for all things BLACK. BLKALERTS is crafted specifically for humans of the Brown and Black experience. The BLKALERTS app is available in all app stores.

    We're accepting new partnerships right now.

    Email Us: connect@blkalerts.com
    Contact: +1-929-251-6500

    Our Picks

    NBA Draft and More Trade News

    November 19, 2020
    Facebook Twitter Instagram Pinterest
    • Home
    • News
    • Entertainment
    • Politics
    • Crime
    • Sports
    • Careers
    © 2023 BLKALERTS is part of Urban Newsroom. Powered by UNMUTED NETWORKS.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?