Economists warn jobless claims could top 1.5 million by next week

[mystery-ak]

Economists warn jobless claims could top 1.5 million by next week
By J. Edward Moreno - 03/19/20 08:37 PM EDT

U.S. unemployment claims could reach a record 1.5 million by next week as service industry workers are forced to stay home amid the coronavirus outbreak, economists warned Thursday.

The U.S. Labor Department reported that 281,000 Americans filed for unemployment benefits the week of March 14 — a 70,000 jump from the week before, and 60,000 claims more than economists had expected.

"State filings offices for Ohio, Pennsylvania, and Connecticut report claims filings this week are running six to 14 times higher than the same week last year," Conrad DeQuadros, senior economic advisor at Brean Capital in New York, told Reuters.


"A quarter of all claims filings are in two states, New York and California. Given the preliminary reports for a few states, next Thursday's unemployment claims report could show an initial claims reading north of 1.5 million,” he added.

more
https://thehill.com/policy/finance/488566-economists-warn-jobless-claims-could-top-15-million-by-next-week

[GtHawk]

Cripes what brilliant folks! I could have told them it was gonna happen the second the Governors started telling people to stay home and ordering businesses to close up! Seems like every time I turn around I am getting another email from some company telling me about how they are working to keep me safe by cutting the hours I can shop with them. So yeah businesses cutting hours need less people too.

[skeeter]

Cripes what brilliant folks! I could have told them it was gonna happen the second the Governors started telling people to stay home and ordering businesses to close up! Seems like every time I turn around I am getting another email from some company telling me about how they are working to keep me safe by cutting the hours I can shop with them. So yeah businesses cutting hours need less people too.

Not all of those who suffer as a consequence of this epidemic will have the virus. In fact the great majority won’t.

[Smokin Joe]

Orders of magnitude beyond the number seriously ill or dying.

  insanity.