{"id":176795,"date":"2020-03-19T19:41:00","date_gmt":"2020-03-20T00:41:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/03\/19\/hoo-boy\/"},"modified":"2020-03-19T19:41:00","modified_gmt":"2020-03-20T00:41:00","slug":"hoo-boy","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/03\/19\/hoo-boy\/","title":{"rendered":"Hoo Boy!"},"content":{"rendered":"
Jobless claims just rose by \u2153 over last week<\/a>.<\/div>\n

When you consider that the full impact of COVID-19 wasn’t seen last week, this is alarming, particularly since last week was only the leading edge of the disruption from the pandemic:<\/p>\n

The number of Americans who applied for unemployment benefits surged by 70,000 in mid-March to a 2- 1\/2-year high as the coronavirus shut down large sections of the economy. And the worst is still yet to come with the crisis triggering waves of layoffs. <\/p>\n

Initial jobless claims climbed to a seasonally adjusted 281,000 from 211,000 in the seven days ended March 14, the government said Thursday<\/a>. That\u2019s one of the biggest one-week increases ever and puts jobless claims at the highest level since September 2017.<\/span><\/p><\/blockquote>\n

\n
\n
This is almost 200,000 *initial* claims in CA over the past 3 days.<\/p>\n

Back to 1986, the maximum number of WEEKLY initial claims in California is 115,462. https:\/\/t.co\/zY4Ib7og6V<\/a><\/div>\n

\u2014 Aaron Sojourner (@aaronsojourner) March 19, 2020<\/a><\/p><\/blockquote>\n<\/div>\n

The numbers from the first 3 days of California are even grimmer, and the online applications have been hindered by overloaded websites crashing at unemployment offices.<\/p>\n

Given those numbers, it is not unreasonable to expect over a \u00bc million applications in California, which scaled across the country, would have initial unemployment claims of around 2 million nationwide.<\/p>\n

By comparison, the maximum number of initial unemployment claims since 1967 was 671,000 in September of 1982.<\/p>\n

Next week promises to be a real record breaker.<\/p>\n

By comparison, the highest level of unemployment claims during the great recession, was about<\/p>\n","protected":false},"excerpt":{"rendered":"

Jobless claims just rose by \u2153 over last week. When you consider that the full impact of COVID-19 wasn’t seen last week, this is alarming, particularly since last week was only the leading edge of the disruption from the pandemic: The number of Americans who applied for unemployment benefits surged by 70,000 in mid-March to …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[505,392,450,572],"class_list":["post-176795","post","type-post","status-publish","format-standard","hentry","tag-disaster","tag-economy","tag-employment","tag-pandemic"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176795"}],"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=176795"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176795\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=176795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=176795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=176795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}