16.8 million Americans Filed Unemployment in the last 3 weeks! 16.8 million Americans have filed for unemployment in the last three weeks, and analysts fear that this is just the beginning.
Jobless claims have skyrocketed in recent weeks as countless restaurants, hotels, factories, and offices have been forced to close due to the coronavirus.
California had the largest number of new claims – Georgia tripled their numbers from the previous week’s, and Michigan’s climbed. Moody’s Analytics says that job losses are expected to mount to “staggering” levels in the coming weeks.
The firm estimates that some 45 million jobs are at risk of being eliminated – mostly due to those jobs not considered essential and cannot be done remotely.
The Moody’s report further says that the potential loss of so many jobs is “harrowing” and “fuels our expectation that [unemployment insurance] claims will continue to accrue at historic rates in the near term… The harsh reality is that the level of initial UI claims is unlikely to recede in the coming weeks.”
The Economic rescue package passed by Congress and signed by President Trump offers enhanced unemployment benefits that offers an extra check of $600 a week for the first four months.
Getting those benefits for your everyday American is proving to be a challenge, however. The job market’s sudden collapse has created chaos in many states and their respective unemployment offices.
What do you think? Let us know on our Facebook page!
