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Thread started 03/20/20 12:33pm


Unemployment skyrocketing into millions

Millions of workers already filing for unemployment benefits, Wall Street says

By Irina Ivanova

March 20, 2020 / 12:18 PM / MoneyWatch

Workers are losing their jobs at an unprecedented pace as the coronavirus shutters businesses and brings the economy to a sudden stop. That could lead as many as 2 million people to file for unemployment benefits this week alone, according to Goldman Sachs — that would roughly triple the previous high for weekly jobless claims set in 1982, when the country was in the grips of deep recession.

"State-level anecdotes point to an unprecedented surge in layoffs this week," analysts with the investment bank said in a note to investors. "These anecdotes suggest that the next jobless claims report covering the week of March 15-21 will show that initial claims rose to roughly 2¼ million, the largest increase in initial jobless claims and the highest level on record."

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Reply #1 posted 03/20/20 12:39pm



Workers Affected by Coronavirus Can Apply for Assistance Regardless of Immigration Status

If you are unable to work because you were sick or exposed to the novel coronavirus, you may also qualify for disability insurance.

NBC Universal, Inc.

California Gov. Gavin Newsom says the novel coronavirus pandemic is already causing record unemployment, but all affected workers can apply for assistance, including undocumented immigrants.

Prior to the pandemic, Newsom said, the state received nearly 2,000 unemployment claims a day. That number is now close to 80,000, and the governor estimates that nearly 300,000 payroll jobs could be cut.

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Reply #2 posted 03/20/20 12:41pm


Bank Of America: Three Million People May File For Unemployment Benefits

Bank of America has come out with a frightening prediction—by next week, three million people will have filed for unemployment benefits due to the economic effects precipitated by the coronavirus.

The coronavirus outbreak has substantially changed the business landscape. Cities have been shut down. Workers are told to stay home and self-quarantine themselves. This has rapidly escalated from a health crisis to a stock market crash to a free-falling job market.

Sectors, such as airlines, travel, hospitality, restaurants, retail, sports and entertainment and cruise lines have all been severely impacted. Consequently, large amounts of people will be downsized or their hours drastically cut.

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Reply #3 posted 03/20/20 12:45pm


Washington scrambles to prevent massive unemployment spike

Washington scrambles to prevent massive unemployment spike
© Getty Images

The coronavirus is quickly taking a sledgehammer to the historically low unemployment rates that have defined much of President Trump's time in office.

The pandemic's toll on the economy is now a key focus of Washington’s response to the growing public health crisis, with Congress and the White House scrambling to provide relief for struggling workers and businesses.

“It’s going to be a big problem,” said Jay Shambaugh, director of the Hamilton Project and a senior economics fellow at the Brookings Institution. “Unemployment is going to be where we see the economic damage, and is rising, frankly, faster than we expected just a week or two ago.”

Restaurants and bars have already initiated severe staff cutbacks, with similar actions underway in the travel and entertainment industries, leading to widespread layoffs at companies large and small.

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Reply #4 posted 03/20/20 12:49pm


StateMax. Weekly Benefit AmountState Unemployment Insurance Benefits SiteMax Weeks
Alabama $275 Alabama Unemployment Information 26
Alaska $370 Alaska Unemployment Insur...te Website 26
Arizona $240 Arizona Department of Economic Security 26
Arkansas $451 Arkansas Department of Wo...e Services 20
California $450 EDD details 26
Colorado $618 Colorado Department of La...Employment 26
Connecticut $631 Connecticut Department of Labor 26
Delaware $400 Delaware Division of Unem... Insurance
District of Columbia $444 DC Dept. of Employment Services 26
Florida $275 Florida
Dept. of Economic Opportunity
Georgia $330 GA Department of Labor
Hawaii $630 Hawaii Unemployment Insur...te Website 26
Idaho $410 Idaho Dept. of Labor 26
Illinois $471 (Individual) to $645 (w/dependents) IL Unemployment Insurance State Website
Indiana $390 Indiana Department of Wor...evelopment 26
Iowa $447 (Individual) to $548 (w/dependents) Iowa Workforce Development
Kansas $474 Kansas Department of Labor 16
Kentucky $415 Kentucky Career Center 26
Louisiana $247 Louisiana Workforce Commission 26
Maine $410 Maine Department of Labor 26
Maryland $430 MD Department of Labor (DLLR) 26
Massachusetts $823 MA Labor and Workforce Development 30
Michigan $362 (w/dependents) Michigan UIA 20
Minnesota $740 MN Department of Employme...evelopment 26
Mississippi $235 MS Department of Employment Security
Missouri $320 MO Department of Labor an... Relations 20
Montana $487 MT Department of Labor and Industry 26
Nebraska $440 NE Department of Labor 26
Nevada $427 NV Dept. of Employment, T... and Rehab 26
New Hampshire $427 NH Department of Employment Security 26
New Jersey $677 NJ Dept. of Labor and Wor...evelopment 26
New Mexico $425 NM Department of Workforce Solutions 26
New York $504 NY Dept. of Labor 26
North Carolina $350 NC Division of Employment Security 12
North Dakota $633 ND Job Service 26
Ohio $435 (Individual) to $587 (w/dependents) Ohio Dept. of Job and Family Services

Oklahoma $505 Oklahoma UI Home Page 26
Oregon $590 Oregon Employment Department 26
Pennsylvania $573 + $8 p/week for each dependent PA Office of Unemployment Compensation 26
Puerto Rico $42 or $133 PR Department of Labor & HR 26
Rhode Island $566 RI Dept. of Labor and Training 26
South Carolina $326 SC Dept. of Employment & Workforce 20
South Dakota $345 SD Department of Labor & Regulation 26
Tennessee $275 TN Dept. of Labor and Wor...evelopment 26
Texas $521 Texas Workforce Commission 26
Utah $496 Dept. of Workforce Services 26
Vermont $458 VT Dept. of Labor 26
Virginia $378 VA Employment Commission 26
Washington $790 WA Employment Security Department 26
West Virginia $424 West Virginia Unemployme...rance Page 26
Wisconsin $370 WI Dept. of Workforce Development 26
Wyoming $471 Wyoming Unemployment Insu... Home Page 26
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Reply #5 posted 03/20/20 12:53pm




There has been a new rule in P&R for several months now, put in place by the site owner.

One last thing: PLEASE do not copy articles verbatim from other sites or post videos without comment! If you want to quote something or post a video, fine... say where it comes from, provide a link, and also provide ANALYSIS and INSIGHT of your own. We're here to discuss and debate ideas we actually hold. So make your opinion clear, and remember to do so with civility.

"Suddenly the whole nation is depending on the very people they don't believe should make $15/hour"
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Reply #6 posted 03/20/20 12:55pm





Posting reply after reply after reply is called "bumping".

Also note reply above #5 rule which has been in this forum for years.


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