{"id":176489,"date":"2020-06-04T19:37:00","date_gmt":"2020-06-05T00:37:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/06\/04\/another-1-9-million-new-jobless-claims\/"},"modified":"2020-06-04T19:37:00","modified_gmt":"2020-06-05T00:37:00","slug":"another-1-9-million-new-jobless-claims","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/06\/04\/another-1-9-million-new-jobless-claims\/","title":{"rendered":"Another 1.9 Million New Jobless Claims"},"content":{"rendered":"<p>While this is better than the 6 million claims at the peak of the pandemic <a href=\"https:\/\/www.theguardian.com\/business\/2020\/jun\/04\/us-unemployment-claims-top-4xm-despite-rate-of-increase-slowing\">this week&#8217;s jobless report of 1.9 million claims<\/a> is still almost three times worst than any weekly claims report before this year.<\/p>\n<p>Tomorrow&#8217;s unemployment number is going to be grim:<\/p>\n<blockquote><p><span style=\"color: blue;\">Another 1.9 million Americans filed for unemployment benefits last week as the total number of claims passed 42 million since the coronavirus pandemic hit the US.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">The pace of layoffs has slowed dramatically from its peak of 6.6m at the start of April as states start to relax quarantine orders and last week was the ninth consecutive week of declines. But the scale of layoffs remains staggeringly high. In the worst week of the last recession \u201cjust\u201d 665,000 people filed for unemployment.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">Jason Reed, professor of finance at the University of Notre Dame\u2019s Mendoza College of Business, said the numbers may be coming down, but \u201cthis is unprecedented. The figures are so high that it\u2019s hard to grasp the reality.\u201d<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">On Friday the labor department will release May\u2019s monthly jobs report. Economists are predicting unemployment will rise to close to 20% from 14.7% in April and some 8m more jobs will have been lost after a combined drop of 21.4m in March and April.<\/span><\/p><\/blockquote>\n<p>Tomorrow is going to be very grim.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While this is better than the 6 million claims at the peak of the pandemic this week&#8217;s jobless report of 1.9 million claims is still almost three times worst than any weekly claims report before this year. Tomorrow&#8217;s unemployment number is going to be grim: Another 1.9 million Americans filed for unemployment benefits last week &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[450,458,494],"class_list":["post-176489","post","type-post","status-publish","format-standard","hentry","tag-employment","tag-recession","tag-statistics"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176489"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=176489"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176489\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=176489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=176489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=176489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}