facebook linkedin twitter

Unemployment Claims Surge By Another 5.2 Million As White House Eyes Restarting Economy

April 16, 2020 by Dan McCue
Information papers display at IDES (Illinois Department of Employment Security) WorkNet center in Arlington Heights, Ill., Thursday, April 9, 2020. Another 6.6 million people filed for unemployment benefits last week, according to the US Department of Labor, as American workers continue to suffer from devastating job losses, furloughs and reduced hours during the coronavirus pandemic. (AP Photo/Nam Y. Huh)

WASHINGTON — Initial unemployment claims, a proxy for layoffs, jumped by another 5.2 million last week, bringing the four-week total to about 22 million, the Labor Department reported Thursday.

That number wipes out the total number of jobs created during the nine-and-a-half years that have elapsed since the global economic meltdown of 2007 and the recession that followed.

All told, nearly 12 million people are now receiving unemployment checks, roughly matching the peak reached in January 2010, shortly after the Great Recession officially ended.

The advance seasonally adjusted insured unemployment rate was 8.2% for the week ending April 4, an increase of 3.1% points from the previous week’s unrevised rate. This marks the highest level of the seasonally adjusted insured unemployment rate in the history of the seasonally adjusted series. The previous high was 7.0% in May of 1975.

The report comes hours before President Donald Trump is expected to announce measures to reopen parts of the U.S. economy by May 1, and in some cases, potentially sooner.

 “There has to be a balance,” Trump said at a press briefing Wednesday evening. “We have to get back to work.”

He said the announcement will be made “sometime during the afternoon.”

The president’s daily schedule for Thursday is fairly packed. It includes separate phone calls with members of the House and Senate, the delivery of remarks “celebrating America’s truckers” and a video teleconference with governors on the response to the coronavirus outbreak and economic revival.

A seasonally adjusted 5,245,000 people filed initial unemployment claims for the week ending April 11, according to the Department of Labor, adding to the sharpest rise in unemployment in the nation’s history.

Thursday’s weekly report is the fourth in a row showing more than 1 million claims, a level that had never been reached until March.

All businesses deemed nonessential have been closed in nearly every state as the economy has virtually shut down. Deep job losses have been inflicted across nearly every industry.

Some economists say the unemployment rate could reach as high as 20% in April, which would be the highest rate since the Great Depression of the 1930s.

By comparison, unemployment never topped 10% during the Great Recession.

Initial jobless claims filed by former federal civilian employees totaled 3,395 in the week ending April 4, an increase of 944 from the prior week. There were 2,044 initial claims filed by newly discharged veterans, an increase of 292 from the preceding week.

There were 11,008 former federal civilian employees claiming jobless benefits for the week ending March 28, an increase of 1,630 from the previous week. Newly discharged veterans claiming benefits totaled 6,328, an increase of 849 from the prior week.

The highest insured unemployment rates in the week ending March 28 were in Rhode Island (11.9), Pennsylvania (9.8), Nevada (9.6), Washington (9.3), Connecticut (8.9), Massachusetts (8.7), Minnesota (8.7), Michigan (8.5), Ohio (8.4), and Georgia (8.2).

The largest increases in initial claims for the week ending April 4 were in Georgia (+256,312), Michigan (+84,219), Arizona (+43,488), Texas (+38,982), and Virginia (+34,872), while the largest decreases were in California (-139,511), Pennsylvania (-127,037), Florida (-58,599), Ohio (-48,097), and Massachusetts (-41,776).

Employment

October 21, 2021
by Dan McCue
Renewable Energy Jobs Reach 12 Million Worldwide, Report Says

The number of people working in the renewable energy sector worldwide reached 12 million last year, up from 11.3 million... Read More

The number of people working in the renewable energy sector worldwide reached 12 million last year, up from 11.3 million in 2019, according to a new report from the International Renewable Energy Agency. The eighth edition of “Renewable Energy and Jobs: Annual Review 2021,” was written... Read More

US Jobless Claims Fall to New Pandemic Low of 290,000

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week to a new low point since... Read More

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week to a new low point since the pandemic erupted, evidence that layoffs are declining as companies hold onto workers. Unemployment claims dropped 6,000 to 290,000 last week, the third straight drop, the... Read More

Businesses Nervously Await Fine Print of Vax-or-Test Rule

WASHINGTON (AP) — More than six weeks after promising a new vaccination-or-testing rule covering the millions of Americans at companies... Read More

WASHINGTON (AP) — More than six weeks after promising a new vaccination-or-testing rule covering the millions of Americans at companies with 100 or more workers, President Joe Biden's most aggressive move yet to combat the COVID-19 pandemic is almost ready to see the light of day. ... Read More

Commerce Head Out to Save US Jobs, 1 Computer Chip at a Time

WASHINGTON (AP) — Gina Raimondo only wears watches made by Bulova — a company that laid off her scientist father,... Read More

WASHINGTON (AP) — Gina Raimondo only wears watches made by Bulova — a company that laid off her scientist father, closed its Rhode Island factory and moved production to China in 1983. The watches give Raimondo, the U.S. commerce secretary, a sense of mission as President... Read More

Nursing Schools See Applications Rise, Despite COVID Burnout

STORRS, Conn. (AP) — Nurses around the U.S. are getting burned out by the COVID-19 crisis and quitting, yet applications... Read More

STORRS, Conn. (AP) — Nurses around the U.S. are getting burned out by the COVID-19 crisis and quitting, yet applications to nursing schools are rising, driven by what educators say are young people who see the global emergency as an opportunity and a challenge. Among them... Read More

Americans Quit Their Jobs at a Record Pace in August

WASHINGTON (AP) — One reason America's employers are having trouble filling jobs was starkly illustrated in a report Tuesday: Americans... Read More

WASHINGTON (AP) — One reason America's employers are having trouble filling jobs was starkly illustrated in a report Tuesday: Americans are quitting in droves.  The Labor Department said that quits jumped to 4.3 million in August, the highest on records dating back to December 2000, and... Read More

News From The Well
scroll top