Home Economy Jobless Claims May Top 1.5M Next Week

Jobless Claims May Top 1.5M Next Week

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A wave of layoffs at restaurants, bars and hotels, as efforts to contain the coronavirus pandemic bring much of everyday American life to a halt, could drive new applications for U.S. unemployment benefits to a record 1.5 million or more next week, economists warned on Thursday.

New jobless claims already hit a two-and-a-half year high of 281,000 last week, jumping by 70,000 from the week before, the Labor Department said on Thursday. It was the biggest weekly increase since 2012 and officials laid the blame on the coronavirus, which a Reuters tally shows has infected nearly 9,500 across the country, killing at least 115.

And the worst is yet to come.

Economists said their own tracking of data from individual states suggests claims could shoot up to at least 1.5 million this week. Data for the week ending March 21 will be published next Thursday.

“State filings offices for Ohio, Pennsylvania, and Connecticut report claims filings this week are running six to 14 times higher than the same week last year,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.

“A quarter of all claims filings are in two states, New York and California. Given the preliminary reports for a few states, next Thursday’s unemployment claims report could show an initial claims reading north of 1.5 million.”

This estimate, which other economists agreed with, would far outpace the previous record of 695,000 set in 1982. During the week ended March 14, unadjusted initial claims soared 14,000 in California and jumped 9,000 in Washington state, which has been hardest hit by the coronavirus. They increased 7,000 in Nevada.

“Last week’s jump in claims is likely to look minor in comparison to what lies ahead,” said Nancy Vanden Houten, lead U.S. economist at Oxford Economics in New York.

According to Well Fargo Securities’ tracking, Ohio reported 36,645 unemployment claims were filed on Monday. This was in addition to 11,995 filed on Sunday. Ohio received only 562 applications the previous Sunday.

“Massachusetts reported 19,884 claims filed on Monday alone, more than the total received in February, while Pennsylvania reported 50,000 claims on Monday and even more than that on Tuesday,” said Sarah House, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

“Many states reported that their employment websites crashed due to a surge in traffic, suggesting demand for unemployment benefits is even higher than the reported figures.”

via newsmax

2 COMMENTS

  1. It’s the Demonrats dream-come-true; ruin Trump’s record so they can denounce him in November.
    The stock market is back to where it was when Trump too office, and the jobless rate is almost back to Obama’s records. Many businesses can send their employees home to work, but not every job can be done in front of a PC.
    We’ve had serious contagions in the past that virtually went unnoticed, but this Wuhan Virus? It is being blow SO out of proportion because it is SO perfect for the demonrats and their media acolytes who hate Trump more than they love their country.
    Notice it is the demon Governors who shut down their cities/states first? It does not matter what that it puts their citizens on the streets. It’s an acceptable outcome to regain their power. They will appease their dummy-crats latter with more freebies.
    Where was all the media blasting about H1N1, MERSA, or SARS? How many died?
    We have many viruses floating around in our United States air that have been mutating since the Spanish Flu (1918), killing THOUSANDS each year; but not a peep from the media demons. Obama waited 6 months and a thousand deaths before he proclaimed a ‘national emergency’ and the media PRAISED him. Trump closed the borders to China 3 weeks after learning of the Wuhan Virus outbreak, and the media and demonrats have been crucifying him every day since.
    So many demonrats called (COVID-19) “Chinese Virus”, or “Chinese Virus out of Wuhan province”, or “Wuhan Virus” well before Trump called it anything, but now that he did, “he’s Racist!”
    The demonrats and their media acolytes have been fanning the flames of ‘COVID-19’ hysteria non-stop to scare everyone to death. As far as statics go, Wuhan Virus has a VERY LOW mortality rate, and that’s ONLY from what the CDC can report from those who have been tested. They (CDC) suggest there are as much as twice the infections they have registered because there are many people who don’t bother to go get tested; their symptoms are mild or non-existent. And, those low statistics may even change with more testing. So far, the death-rate compared to the known infections is lower than all other nations combined. We are a rather large country, and have had only a couple hundred deaths, where other smaller countries have had thousands (not to leave out China). And, we can’t trust that China told any truths about their contagion.
    If you compare Wuhan Virus to any of the other KNOWN virus genomes, and their outcomes, the Wuhan Virus is laughable in its current statistics. It’s less than 1%. But, “It’s highly contagious!”
    It’s part of the hysteria flame-fanning. “You might infect your loved ones!”
    The Wuhan Virus is a medium the demonrats can run with to try and stop Trump. They know their close-down, shut-in, stay-home scenario has the potential of ruining the country, and sending us into another ‘great depression’; but that’s a risk they are more than willing to take as long as they regain their power. They will worry about appeasing their dummy-crat sheeple later. Of course, their welfare-class minions will not be affected other than they can’t go out and party on the taxpayer dime. Their government parent will always be there for them . . .
    There are too many examples of them telling us what they are willing to do all over the TV, radio, and social media. Remember Bill Muar saying he wished for a recession?
    It is a conspiracy of many sorts. It’s Orwellian. If it is SO bad, why are there still ‘some people’ who are still able to be out in public? Why not just shut down EVERYTHING, and EVERYONE, including all the ‘necessities’? CA and NY cops are still at work, but aren’t arresting anyone; and they’re letting criminals out of jails and prisons “because of the virus”.
    Ruin the country and teach America to never mess with them again. “Just do what you’re told, and we won’t hurt you again.” “We told you not to vote for him”.
    The demons will do anything.
    They should all get a pink-slip too.
    Their shutdown has the potential of starting a civil war from the rioting that may undoubtedly take place when their poor sheeple run out of food and booze. Their socialist-minded x-gen dummy-crats are too afraid to talk about guns, let alone carry one. So many conservatives actually own at least one. Who would win when the scavengers come?
    They have anticipated that too. It’s why they have been so desperate to do away with the second amendment. Wait and see what VA governor Blackface-“let-em die” does. I bet he tries again to control guns amid HIS shutdown; which we know he will do because CA and NY did it, and he’s a demon who follows the demon mantra.
    NY mayor DeBlahblah caught last week going to the gym, after he shut down his city??
    The shutdown will do nothing for or to the demonrats in power, who are promoting the scare. They have grown wealthy off the backs of the taxpayer, and sit pretty high on the totem pole. They have walled mansion with gates, and security forces with guns. “Do what I say, never mind what I do!”

    • Washington can’t keep a secret for long. One day we will all find out that it was the demonrats who started it all. The stock market crashing, and businesses closing was planned, just like they ‘planned’ “Crossfire Hurricane”. There are many heavy-hitters in the financial world who depend upon the demonrats for their wealth; who are major donors to the demonrats, who quite possibly ‘took a hit’ in the market to force the crash by selling off their stocks. They can afford it because they are wealthy enough to have several ‘back-up plans’ like gold and land. And it’s really like making a donation to their party when you think about it. Eventually someone will want to write a tell-all, and or squeal on someone because they didn’t pay up, or something else sinister. The eat their own, you know . . .

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