This is nearly five times the previous record set during the stagflation years…
(Silver Doctors Editors) The unemployment claims figure just came in.
The numbers are off the chart, and not in a good way as a record setting nearly 3.3 million file for unemployment benefits in the United States.
That is, filed In just one week.
From the Department of Labor:
One thing to consider is that over the last week, the not only have the number of Covid-19 cases increased in the United States, but so have the number of those affected by things like school, nursing home and day care closings.
Here’s the latest Johns Hopkins Interactive Map case count for the United States:
New York City has over 20,000 cases alone as the nation as a whole is about to cross the 70,000 case mark.
One can only assume the conditions in the job market have worsened right along with the epidemic/outbreak.
Some coverage on today’s historic surge in unemployment claims filed, from Bloomberg:
The number of Americans filing for unemployment benefits surged to a record 3.28 million last week as businesses shuttered and laid off workers as part of efforts to slow the spread of the coronavirus.
In the biggest insight yet into the economic toll the pandemic is already inflicting, initial jobless claims in the week ended March 21 surged from 282,000 in the prior week and more than quadruple the previous record high of 695,000 in 1982, according to Labor Department figures released Thursday. The data date back to 1967.
Here’s how it looks graphically:
Charts are blowing out everywhere, and now we’re talking about Main Street charts.