Layoffs intensify, leading to soaring unemployment claims as coronavirus closures continue

[mahatmakanejeeves]

Source: Washington Post

Economy

Layoffs intensify, leading to soaring unemployment claims as coronavirus closures continue

States are seeing applications for unemployment benefits mount by tens of thousands

By Rachel Siegel
March 18, 2020 at 1:48 p.m. EDT

Layoffs are continuing to mount by the tens of thousands, prompting a surge of applications at unemployment offices nationwide as coronavirus brings more of the U.S. economy to a standstill.

Just a week ago, hundreds of people had been laid off, but those numbers are skyrocketing. As Trump administration leaders, industry officials and economists project dire warnings of millions of jobs vanishing this year, an increasingly grim picture of the U.S. labor market is emerging for the months to come.

The deluge into unemployment offices is beginning to strain systems. In Ohio, the Department of Job and Family Services said 36,645 claims were filed Monday. That’s typically what the department receives each month, The Columbus Dispatch noted.

Pennsylvania experienced more than 50,000 on Monday and more than that on Tuesday, according to a tally from economist Jacob Robbins and the Pittsburgh Post-Gazette. Minnesota officials saw more than 31,000 applications on Monday and Tuesday, the Star Tribune reported. In New Jersey, 15,000 applications arrived on Monday, causing the state’s website to crash, local affiliate WHYY reported.

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Rachel Siegel
Rachel Siegel is a national business reporter. She previously contributed to the Post's Metro desk, The Marshall Project and The Dallas Morning News. Follow https://twitter.com/rachsieg

Read more: https://www.washingtonpost.com/business/2020/03/18/unemployment-insurance-coronavirus/

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Treasury Secretary Steven Mnuchin warned lawmakers that the U.S. unemployment rate could spike to almost 20 percent, from its current level of 3.5 percent, three people familiar with his comments told The Post.

Link to tweet

[doc03]

1. It's like Ohio has shut down no restaraunts, bars,the gym

and now the mall is closed. Hey I have beer, whiskey, food and UPS just delivered a box of my favorite cigars.

[AllaN01Bear]

2. get off your duff murderous moscow mich and approve the aid package NOW . pronto.

[doc03]

3. Remember not one Republican voted for

Obama's Stimulus.

[cstanleytech]

4. Simple solution give people that earn less than 60k a year 5000 with the provision that they cannot

file for unemployment for 30 days and suspend payment to all people that were earning less than 60k a year but are currently drawing unemployment benefits for 30 days.
It might then give time for a lot of businesses to recover.

[mr_lebowski]

7. Could we raise that limit to 70K

That'd be handy

[cstanleytech]

9. Well we could raise it to 100k with those earning 60k or less getting 5k those earning 60k

to 80k getting 3k and those earning 80k to 100k getting 1k.
Of course it does need to be limited to adults lol

[mr_lebowski]

10. Adults? Shit ... (nt)

[Sedona]

5. Mr Sedona got laid off today

Motion picture industry at a stand still in Atlanta and Hollywood.

PM me if you have grip or rigging work IATSE 80 & 479. Will travel.

[mr_lebowski]

8. Oh man, all I need is a gaffer right now ... sry ...

Just kidding.

Sorry about the Mr.

Hopefully this doesn't last too long.

Stay Safe

[ProfessorGAC]

6. I Still Believe Mnuchin's 20%

I believe he's hyperinflating it, so when it hits 8 or 10% they can do a victory lap over the disaster they mitigated.