U.S. Jobless Claims Doubled to Record 6.65 Million Last Week

[marmar]

(Bloomberg) The number of Americans applying for unemployment benefits more than doubled to a second straight record, highlighting the devastating economic impact of the coronavirus as shutdowns widened across the country. ......(more)

https://www.bloomberg.com/news/articles/2020-04-02/u-s-jobless-claims-doubled-to-record-6-65-million-last-week?srnd=premium

[doc03]

1. The un-employment topped out at 10% in October 2009 in the Obama administration. Trump

wants to undo everything Obama did. I think he is well on his way to breaking the unemployment record
during the Great Recession. I can't stand much more winning.

https://www.factcheck.org/2017/09/obamas-final-numbers/

[progree]

2. Not in tomorrow's report but maybe in the following month's report?

Tomorrow's BLS jobs report -- both the Household Survey (that provides the unemployment rate) and the Establishment Survey (that provides the headline nonfarm payroll jobs) were conducted in the week of March 8 to March 14, before and just as the mass layoffs were starting to begin. As a foretaste, the ADP private jobs report that came out Wednesday showed only 27,000 private sector job loss. (their report covers only about 20% of the private labor force). So the BLS report is not likely to be devastating either.

But the following month's jobs report, for April that comes out Friday May 8 https://www.bls.gov/schedule/news_release/empsit.htm
will be devastating

Let's see, in February, 5.787 million unemployed corresponded to a 3.5% unemployment rate.

So I guess it would take about 10 million more to bring the unemployment rate close to 10%?

Per:
https://www.democraticunderground.com/10142461629

Initial unemployment claims:
For the week ending 3/21: 3,307,000.
For the week ending 3/28: 6,648,000
==========================
Last 2 weeks (sum of the above): 9,955,000

And this doesn't count the number of people who tried to file a claim but couldn't because of overloaded systems (at least in my local press in the Twin Cities I read a lot of stories about that).

The survey week for the April report that comes out May 8 ... usually the survey week includes the 12th of the month, but in April, that's a Sunday. Anyway, plenty of more time for more layoffs, so I fear a very bad April report.

Anyway, nobody expects businesses to resume in April .. not even orange fuckface. And absolutely certainly not by mid April (that's just 2 weeks away). So it looks like we'll blow through 10% unemployment easily in the April report.



.

[doc03]

3. I have no doubt it will exceed 10%. I have heard

some economist say may reach 30%.

[progree]

4. I think the Great DEPRESSION's peak unemployment rate was 25%....

so if unemployment reaches 30%... that means ...

though they probably figured unemployment rate quite differently in 1933 than now.