Browsing the "unemployment" Tag

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2.25 million file new unemployment claims – Powell says more stimulus needed or it’ll be YEARS before they find jobs

We’ve had plenty more news this week indicating just how bad things are economically now and how long they are likely to remain bad. Federal Reserve Chairman Jerome Powell, who has warned that gross domestic product could drop 30% this quarter, on Wednesday reinforced what other analysts have said about the crunch affecting American workers: ”It’s just going to be very […]

June 11th

WTF? Surprising every analyst, gov’t reports big job gains, reducing unemployment rate to 13.3%

Before reading further, it’s important to keep in mind that while today’s jobs report from the Bureau of Labor Statistics is sobering, the data in it are three weeks out of date. That’s because the bureau uses the Current Employment Survey of 142,000 business establishments at 689,000 individual worksites to tally how many jobs are created or lost each month and derives […]

June 6th

2.2 million more Americans file for unemployment – and the Coronavirus recession is worse for African Americans

After 11 weeks of coronavirus-related layoffs, the Department of Labor reported Thursday that a non-seasonally adjusted total of 37 million Americans have filed for and are receiving or waiting to receive benefits from their state unemployment insurance systems or the federal Pandemic Unemployment Assistance program that provides benefits to gig workers and others not eligible for regular state […]

June 4th

Another 2.1 million seek unemployment benefits. The Coronavirus Recession will stick it to millennials

The Department of Labor reported Thursday that yet another 2.1 million Americans, on a seasonally adjusted basis, applied for initial state unemployment benefits in the week that ended May 23. Counting these new applications makes for a total of 40.5 million workers who have filed for initial benefits over the past 10 weeks. Add in the millions of Americans who are receiving […]

May 29th

Data: As another 2.4 million file new unemployment benefit claims, economists project years-long impacts

The Department of Labor reported Thursday that 2.38 million workers filed new claims for unemployment benefits in the week ending May 16. That brings the total count for the past nine weeks to a seasonally adjusted 38.3 million. Add to this the unprecedented 4.8 million that the government defines as having left the labor force in the past two months—but who say they want a job. […]

May 21st

Eight-week Coronavirus unemployment total: 36.5 million (and that’s just those who can apply for benefits)

As expected, the Department of Labor Thursday announced another tsunami of new claims for unemployment insurance benefits, a seasonally adjusted 2.98 million of them in the week ending May 9. That is slightly less than the previous week’s tally. But since coronavirus-related layoffs began in the second week of March, 36.5 million people have made new benefit claims. By […]

May 14th

Fed Chair Powell says without more stimulus, economy won’t recover (but Trump and McConnell “Just Say NO”)

Economic analysts are forecasting that on Thursday we’ll see that another 2.7 million Americans filed new claims for unemployment insurance last week. If they’re right, it would mean 36.3 million Americans have filed for unemployment benefits in the nine weeks ending May 9. Even if those millions were the only Americans to have lost jobs […]

May 13th

Trump beats Obama – US lost twice as many jobs in April than the entire Great Recession

Each month, Automatic Data Processing Inc., which handles payrolls for about a fifth of U.S. private employment, releases its job report two days before the government’s Bureau of Labor Statistics announces its own findings for both private and public sector jobs. ADP reported Wednesday that non-farm private sector employment fell by 20,236,000 last month. That’s a horrendous number. But […]

May 7th

Millions of new claims for unemployment benefits push the jobless rate to 20%

To nobody’s surprise, the Department of Labor reported Thursday that another 4.4 million Americans filed new claims for unemployment benefits in the week that ended April 18. That brings the seasonally adjusted new claims for the past five weeks to 26.3 million. That’s one out of six American workers. Add in the 5.8 million people who were already out of work when the massive […]

April 23rd