Chart of the day

Posted: 2 April 2020 in Uncategorized
Tags: , , , ,

fredgraph

A record 6.65 million American workers applied for unemployment benefits last week, according to the Bureau of Labor Statistics (pdf), marking another drastic downturn in the U.S. labor market caused by the novel coronavirus pandemic.

The large number of claims was more than double the 3.31 million who sought benefits two weeks ago as corporate employers continue to respond to the downturn in economic activity by laying off masses of workers across the country. Thus, in that period, almost 10 million American workers have been forced to join the ranks of the unemployed.*

Although claims are at record highs, many Americans across the United States have been unable to successfully apply for unemployment insurance because an unprecedented level of claims is overwhelming state labor department websites and jamming up phone lines.

 

*In France, to choose but one example of a different way of proceeding, the government is paying businesses not to lay off workers, delaying deadlines for taxes and loan payments, and providing state-guaranteed loans to any struggling company that needs them.

Comments
  1. antireifier says:

    Shortages of PPE and ventilators not to mention beds and staff are what happens when you run a society based on the market principles of efficiency, competition and profit. Unemployment is efficient and profitable.

    The response to this virus but also the climate crisis — thought by some to be on pause — is all affected by our faith in markets. Thoughts and prayers to either god or the market will not help.

    We must rethink our core beliefs starting with money. It is clear now that money should only be a means to measure how well we are doing in creating a society where life and the quality of life matters more than the widely-accepted market principles of profits which are made ever greater by efficiency and competition.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s