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RDreamer

Member
Oct 25, 2017
14,106
A record 3.3 million Americans filed for unemployment benefits as the coronavirus slams economy
A record 3.3 million Americans applied for unemployment benefits last week, the Labor Department said Thursday, as restaurants, hotels, barber shops, gyms and more shut down in a nationwide effort to slow the spread of the deadly coronavirus.

Laid off workers say there was such a crush of people applying for jobless benefits at once that they waited hours on the phone and the websites in several states, including New York and Oregon, crashed.

Many economists say the coronavirus recession has already commenced and what happened last week is only the beginning of a massive spike in unemployment that could result in over 40 million Americans losing their jobs by April.
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Sho_Nuff82

Member
Nov 14, 2017
18,438
Eagerly awaiting stimulus bill#2: electric boogaloo, after we quickly exhaust the meager funds allocated for regular people in this week's bill.
 

Bigwombat

Banned
Nov 30, 2018
3,416
I applied yesterday in Massachusetts. It took me 20 minutes online. First time in my life doing it in 26 years of working.
 

lush

Member
Oct 26, 2017
1,804
Knoxville, TN
Initial jobless claims soared to a seasonally adjusted 3.28 million in the week ended March 21, according to the Department of Labor.
That is the highest number of initial jobless claims in history, since the Department of Labor started tracking the data in 1967. The previous high was 695,000 claims filed in the week ending October 2, 1982.

Last week's jump marked a massive increase from a revised 282,000 claims in the prior week. Prior to the pandemic, initial claims had been hovering in the low 200,000s each week, reflecting a strong job market.

https://www.cnn.com/2020/03/26/economy/unemployment-benefits-coronavirus/index.htm
 

Ecotic

Banned
Oct 27, 2017
1,408
On the bright side, maybe this crisis will frontload the job losses in the beginning of the recession, and recover somewhat quickly. Unemployment peaked nearly a year after the 2008 financial crisis happened, if I remember correctly. That was a slow bleedout. This time the job numbers could begin climbing around May or June.
 

Johnny956

Member
Oct 25, 2017
2,930
The number may seem small compared to the workforce but this is a massive number that will definitely increase next week.
 

Dyle

One Winged Slayer
The Fallen
Oct 25, 2017
29,943
A decent start. I imagine next week will add another 5 million at least
 

Deleted member 31923

User requested account closure
Banned
Nov 8, 2017
5,826
And there's the reason, clear as day that Trump is pushing hard to reopen the economy...even if millions die.
 

less

Member
Oct 25, 2017
10,838
Even after seeing the numbers from CA and PA I still underestimated the total numbers by a slight amount. Recovery from this is going to be a long process.
 

Foffy

Member
Oct 25, 2017
16,388
That number alarms me only because the conservatives are going to obtain the worst response from it.

Is it a sign people need their wellbeing assured prior to work conditions? Yes, but I imagine we'll see a conservative effort to grind more people into COVID death because stonks.

The number itself isn't problematic, it's a response to a pandemic. The issue with that number is the way we've manufactured society, because that means many of those people will be forced to suffer.
 

Fallout-NL

Member
Oct 30, 2017
6,718
On the bright side, maybe this crisis will frontload the job losses in the beginning of the recession, and recover somewhat quickly. Unemployment peaked nearly a year after the 2008 financial crisis happened, if I remember correctly. That was a slow bleedout. This time the job numbers could begin climbing around May or June.

Except this is going to lead into a recession that was already coming or as I like to call it, 08 recession part 2 because nothing was done to address the root causes of what happened in 08.
 

RailWays

One Winged Slayer
Avenger
Oct 25, 2017
15,676
That was just for last week too. I don't even want to imagine how bad it gets going forward, because we are no where near out-of-the-woods yet
 

TheHunter

Bold Bur3n Wrangler
Banned
Oct 25, 2017
25,774
Except this is going to lead into a recession that was already coming or as I like to call it, 08 recession part 2 because nothing was done to address the root causes of what happened in 08.
Worse since we still had things open and a workforce in 2008.

This is Great Depression 2.
 

AbsoluteZero0K

Alt Account
Banned
Dec 6, 2019
1,570
That number alarms me only because the conservatives are going to obtain the worst response from it.

Is it a sign people need their wellbeing assured prior to work conditions? Yes, but I imagine we'll see a conservative effort to grind more people into COVID death because stonks.

The number itself isn't problematic, it's a response to a pandemic. The issue with that number is the way we've manufactured society, because that means many of those people will be forced to suffer.

I am consistently going to reiterate that heard immunity is inevitable in the Western hemisphere because capitalism values money over people.

Y'all have seen the bits already. Old middle-aged white men would rather die than unite in a community effort flatten the curve.

This is a key difference between the West and the East where Asian countries have everything under control already. It's all Africa would be really bad? Think again.
 

TrueSloth

Member
Oct 27, 2017
6,067
Remember all those jobs that were created over the past 4 years? Man, so many jobs were made. So many.
 

JABEE

Member
Oct 25, 2017
9,853
Did the stimulus bill have a plan for making sure every one losing their job has healthcare?
 

skeptem

Member
Oct 25, 2017
5,749
Here is to hoping the incentives for employers to re-hire and get no interest loans will be helpful.