21 May 2020

2.4 Million Initial Jobless Claims

That is 4 times worse than the record before this all started byt it's seen as a sign of hope, which means that were screwed.

Something that I didn't realize though, was that in addition to the 37.1 million initial claims since this all started, there is an additional 1 million claims that were through a federal program than had not been counted:
The numbers: More than 2.4 million unemployed Americans applied for unemployment benefits last week using the traditional method of reporting initial claims, but the real number was almost 1 million higher if applicants made eligible through a new federal relief program are included.

First-time filings for unemployment insurance totaled 2.44 million last week on the traditional seasonally adjusted basis. While still way above pre-coronavirus levels, new claims have declined for seven straight weeks following the apparent peak of 6.9 million seen in late March.


What happened:Since the coronavirus pandemic and lockdowns started in mid-March, some 35.5 million people have applied for jobless benefits through their states, based on actual or unadjusted totals.

Roughly 8.1 million new claims have been filed via a new federal program that has made self-employed workers and independent contractors such as writers or Uber drivers eligible for the first time ever.

Total new claims since mid-March: almost 44 million.
We are f%$#ed.


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