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30 million in 6 weeks: quarantine unemployment in the US continues to break records

For the week ending April 23, 3,84 million Americans filed new jobless claims. CBS News.

Photo: Shutterstock

Thus, the total number of American residents who have lost their jobs over the past six weeks has reached 30 million, which is a record for the fastest job loss in the country.

“Compared to the previous week, there were fewer applications. Nevertheless, this number exceeds the previous (pre-quarantine) record five times! Objectively, these are nightmarish statistics, ”says Nick Bunker, CEO of Indeed Hiring Lab.

During the week ending April 23, most of the new unemployed appeared in Florida - 326 thousand people applied for benefits.

“The number of applications for unemployment benefits continues to decline, but remains at a level that seemed unthinkable before the coronavirus pandemic! This number exceeded all expectations last week, ”said Gregory Daco, chief economist at Oxford Economics.

The real number of people who were left without work is much higher than the official statistics, since many are not eligible for unemployment benefits or did not apply for them for other reasons.

On the subject: Due to the crisis, the number of Americans wishing to get free food has doubled

According to the data obtained as a result of a survey by the Institute for Economic Policy, for every 10 people who have submitted an application, 5-7 are those who could not register it or who are still shocked by the situation and are not ready to act.

“Millions of new unemployed people will find themselves without benefits because the unemployment system cannot withstand such a load,” write Ben Zipper and Alice Gould, EPI experts.

In almost all sectors there is a closure of enterprises that do not have strategic importance for the country. Workers were sent home, and it is not known when this forced rest will end. Although in some states governors have already allowed companies to quarantine, it will take months, if not years, to resume full-fledged work.

From January to March 2020, the US economy contracted by almost 5%. This is a record drop in GDP since October 2009, during the global financial crisis. And experts are convinced that the current situation is just the tip of the iceberg. GDP is expected to contract 2020% year on year in the second quarter of 40, and this will have a big impact on business.

According to economists, in April the unemployment rate in the United States will be about 20%. If this happens, it will be the second record in US history after the unemployment rate of 25% recorded during the Great Depression.

As ForumDaily wrote earlier:

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Miscellaneous In the U.S. crisis economy tool unemployed work in the USA unemployment coronavirus
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