JOBLESS CLAIMS BREAK ALL RECORDS

[James48843]

JOBS CLAIMS BREAK RECORD

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The COVID-19 pandemic is wreaking havoc on the U.S. economy, and data released Thursday morning reflected the severe damage being done to the labor market.

The number of Americans filing for unemployment benefits skyrocketed to a record-breaking 3.283 million for the week ended March 21. Consensus expectations were for 1.64 million claims. The previous record was 695,000 claims filed the week ended October 2, 1982. Initial jobless claims for the week ended March 14 was revised higher to 282,000 from 281,000 and was the largest single-week increase since the Great Recession.

More:
https://www.dol.gov/ui/data.pdf

 

[nnuut]

If those numbers mean anything the Market should drop like a ROCK, again!

 

[rangerray]

Do you think so? I mean, practically anyone probably would have guessed that the number was going to be astronomical.

 

[weatherweenie]

I heard estimates were 4 million.

 

[tsptalk]

I heard estimates were 4 million.

Economists polled by Reuters had forecast claims would rise to 1 million, but estimates had ranged to as high as 4 million.

https://www.reuters.com/article/us-usa-economy-joblessclaims-instantview-idUSKBN21D201

 

[bmneveu]

I watched it live on CNBC and I believe the estimate shown was in the 1.5M range. So more than double the estimate.

 

[Mcqlives]

But remember...that reporting week is after several states governors (Illinois/California for two) told their citizens to apply for unemployment if they were not working. Regardless of what their employers were telling them or providing them. I know people here in Illinois were starting to talk about applying the first week of March (my daughter is still working but many of her coworkers are collecting in the hopes they will make more on unemployment (food service industry))...I'm honestly surprised that March 14th figure isn't significantly higher now.

This is a serious situation and certain politicians feel it is their responsibility to take advantage of it for their political gain (Good ol' Dead Fish's playbook). I can look back and see many of them placing their "chess pieces" for various end games. Scary that some of our "Leaders" would be such selfish non-altruistic A$$^%$#$. And even scarier that the others won't call them out on it except in the most egregious cases.

 

[James48843]

For the record- in my household, both my wife and my 24-year old son were laid off last Monday. And the Governor shut down all non-essential businesses on Monday THIS week. Closed until at least April 13.

So my household, like much of Michigan, went from zero % unemployed, to 66% unemployed, in the span of one week.

And the kicker is: the website for filing unemployment is so jammed, that neither were able to actually file until 4 am last night. Now both have.

So that 3.2 million unemployment filings don’t include at least half the new unemployed in my state. Next week’s number will be double.


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[bmneveu]

For the record- in my household, both my wife and my 24-year old son were laid off last Monday. And the Governor shut down all non-essential businesses on Monday THIS week. Closed until at least April 13.

So my household, like much of Michigan, went from zero % unemployed, to 66% unemployed, in the span of one week.

And the kicker is: the website for filing unemployment is so jammed, that neither were able to actually file until 4 am last night. Now both have.

So that 3.2 million unemployment filings don’t include at least half the new unemployed in my state. Next week’s number will be double.


Sent from my iPhone using TSP Talk Forums

Yea I think just about everyone is fully expecting that number to move upward at the next revision. Sorry to hear about your household. Hopefully they get right back into similar or better positions when we get out of this thing.