3.3-Million Americans Just Filed for Unemployment Benefits

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US: Prior to 2020, the largest number of new claims for unemployment benefits ever recorded in a single week was 695,000 during the week ending October 2nd, 1982. The US Department of Labor reports that the number of new claims for unemployment last week increased by 3.3 million amid the virus lockdowns. Approximately one-third of the entire population of the globe now is under some sort of a lockdown order. A few are able to work at home, but the vast majority are forcibly unemployed. Many small businesses will not survive the folly of their leaders, and the number of homeless will drastically rise. -GEG

The pace at which Americans are losing their jobs is absolutely breathtaking.  According to the Wall Street Journal, the largest number of new claims for unemployment benefits ever recorded in a single week prior to this year was 695,000 during the week that ended October 2nd, 1982.

So that means that what we are now witnessing is completely unprecedented, as The US Department of Labor reports a stunning increase of 3.283 million people sought initial jobless claims last week amid the virus lockdowns (almost double the expectation of a 1.7million increase).

The Bureau of Labor Statistics says that nearly every single state cited Covid-19 in its reporting.

Service industries were hit hard, but the BLS says other industries were cited: health care and social assistance, arts, entertainment and recreation, transportation and warehousing, and manufacturing.

Only three states had estimated claims.

We know that several states’ unemployment websites crashed, were running slow, or malfunctioned in recent weeks as an unprecedented number of applicants tried to file at the same time.

The states with the biggest jump in advance claims from the prior week were Pennsylvania, Ohio and New Jersey.

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