Quote: @MaroonBells said:
Terrifying jobs numbers per state...
https://www.nytimes.com/interactive/2020/03/26/upshot/coronavirus-millions-unemployment-claims.html
It's unfathomable to comprehend and so very sad...
I think most are going to get locked-out of that as its subscription only...I grabbed this:
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The Department of Labor reported on Thursday that 3.28 million people filed for unemployment insurance last week, confirming that the economy is rapidly transitioning from strong activity to an unwelcome hibernation because of the coronavirus.
That eye-popping number — more than four times higher than ever recorded, and a sharp rise from 282,000 the previous week — reflects the peculiar nature of this crisis.
This downturn is different because it’s a direct result of relatively synchronized government directives that forced millions of stores, schools and government offices to close. It’s as if an economic umpire had blown the whistle to signal the end of playing time, forcing competitors from the economic playing field to recuperate. The result is an unusual downturn in which the first round of job losses will be intensely concentrated into just a few weeks.
By contrast, a “typical” recession plays out over a period of many months, or even years. The usual delay reflects the reality that it takes time for businesses to calculate their latest revenue numbers, then to recognize that they’re facing something worse than just a few bad months, and then to decide whether to respond by trimming their work forces.
Today’s very different dynamics mean that comparisons of this latest number with previous recessions won’t yield much insight into the economy’s future.
Some simple numbers make the point. In the last recession, which began in December 2007, initial unemployment claims rose above their long-run average level (of 345,000) for five years. Summing up these extra spells of unemployment — that is, adding up the number of claims above 345,000 each week — suggests that the financial crisis led to around 26 million extra jobless claims in total.
It’s possible that these latest numbers signal that the United States is on the cusp of a similarly painful downturn in which an extra 26 million job losses will also occur, but this time at a more rapid rate of roughly 3.25 million per week spread over only eight weeks. But of course it could be far worse or, with fast progress on coronavirus, wind up being far better — it’s simply unknowable at this time.
According to a forecast driven by Google searches, jobless claims this week may be as high as 4.7 million,
according to an analysis from the economists Paul Goldsmith-Pinkham from Yale and Aaron Sojourner from the University of Minnesota. The forecast is based on higher search volume at the state and national level.