COVID-19FinancialRegulatory

Biggest Unemployment Surge Ever: Record Weekly Claims Top 3.28 Million

March 26, 2020 / Sarah Hansen, Forbes Staff

Topline: Weekly jobless claims surged to 3.28 million this week, 3 million more than last week; it’s a sobering indication of just how badly the coronavirus has already impacted the American economy. 

  • Weekly jobless claims surged to 3.28 million, versus 1.5 million expected, for the week ending March 21.
  • This week’s numbers more than quadruple the previous weekly claims record of 695,000 in 1982.
  • The hotel industry has lost more than one million jobs since the outbreak began, according to the American Hotel & Lodging Association.
  • Last week, weekly unemployment claims surged 33% to 281,000 from 211,000 the week before; this was before layoffs related to the coronavirus outbreak had begun in earnest. 
  • Unemployment issues were front and center in the Senate last night: the $2 trillion economic relief bill stalled for hours after three Republican senators claimed its unemployment provisions, which would provide some workers $600 a week more in unemployment than their typical hourly wages, would incentivize Americans not to return to work.
  • The bill, which passed the Senate late last night and is now headed for the House, would also provide unemployment benefits for those not traditionally eligible, including self-employed workers and independent contractors.

READ THE REST HERE

Print Friendly, PDF & Email
Tags

Josh Sandberg

Josh Sandberg is the President of Ortho Spine Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close