Another 6.6M Americans file for unemployment benefits as layoffs show no letup

[Yo_Mama_Been_Loggin]

The U.S. economy continues to shed jobs at a jaw-dropping pace and there’s little sign the payroll losses will ease significantly anytime soon amid the spread of the coronavirus pandemic.

About 6.6 million Americans filed unemployment benefit claims for the first time last week, the Labor Department said Thursday, reflecting another surge in layoffs and an economy that has continued to shut down in stomach-churning waves the past few weeks to minimize further contagion.

Economists had estimated that 5.5 million workers filed initial claims last week, according to a Bloomberg survey. A total 10 million sought benefits the prior two weeks, figures that dwarf the previous record of 695,000 weekly unemployment applications during a deep recession in October 1982.

Forty-three states accounting for about 95% of the U.S. population are under stay-at-home orders, with nonessential businesses such as restaurants, stores, movie theaters and other outlets closed or sharply scaled back. Airlines and hotels also have been decimated as Americans shun air and other travel.

https://www.msn.com/en-us/money/markets/another-66m-americans-file-for-unemployment-benefits-as-layoffs-show-no-letup/ar-BB12nLmw?li=BBnb7Kz

[peggysue2]

1. It's been estimated that before the Covid-19 crisis is over . . .

30+ million Americans will be living on unemployment. The Great Depression clocked in with nearly 25 million unemployed.

This is why The Donald is panicking. Rightly so.

Fed Chair Powell has said that the economy is deteriorating at an 'alarming' rate. These numbers indicate he's spot on.

[stopbush]

2. That 25-million represented 20% of the US population at the time.

30-million Americans in 2020 represents under 10% of the population.

[peggysue2]

3. Despite the % disparity, this economic downturn will be bad for many

Plus, those numbers could easily rise if we experience a second viral wave or stupidly raise shelter-in-place restrictions too soon, encouraging additional outbreaks.

As is often the case those who can least afford it will be hurt the most. We saw that reality with the 2008 Recession. We should be prepared for the fallout, ready with plans to bolster and relieve the most vulnerable.