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6.6 million new jobless claims

Thursday, Apr 9, 2020

* WaPo

The surge of job losses continued last week with 6.6 million Americans applying for unemployment benefits, the Labor Department said Thursday.

More than 17 million new jobless claims have been filed in the past four weeks, a rapid and unprecedented escalation in unemployment in the United States since the week that President Trump declared a national emergency because of the novel coronavirus.

The 17 million figure includes new reporting from the Labor Department that even more people filed for unemployment in the prior week, pushing the jobless claims up during the week ending March 28 to a record 6.9 million, up from 6.6 million.

* NYT

With astonishing swiftness, the pandemic has shut down both longstanding and new businesses, leaving veteran workers and recent hires in nearly every type of industry without a paycheck. In just three weeks, more than 16 million Americans have lost their jobs — more losses than the most recent recession produced over two years. […]

Given the current information, though, several economists expect that by the end of the month more than 20 million people will have been thrown out of work, pushing the unemployment rate toward 15 percent. In February, it was 3.5 percent, a result of 113 straight months of job growth.

* Fascinating…


…Adding… CBS 2

The U.S.Department of Labor estimates 200,940 new unemployment claims were filed during the week of March 30 in Illinois.

While this number is based on advanced estimates, the Illinois Department of Employment Security (IDES) will be releasing a final number later Thursday.

Last week, the IDES said unemployment claims for the week of March 23 totaled 178,421.

- Posted by Rich Miller        

5 Comments
  1. - A Jack - Thursday, Apr 9, 20 @ 9:50 am:

    The good news is that Illinois had less jobless claims per 1,000 than most of our neighbors.


  2. - Ok - Thursday, Apr 9, 20 @ 10:11 am:

    That electricity use data is not weather normalized. March - April are definitely our lowest electricity use months. An 8 percent dip for seasonal change can’t be compared to a year-over-year change.

    Not denying the economic slowdown, but just saying that chart doesn’t show what they think it shows.


  3. - Ok - Thursday, Apr 9, 20 @ 10:14 am:

    I wonder (rather, I am hopeful) of whether our generally stronger labor trends and practices in Illinois mean folks have better sick leave and bargaining policies, meaning workers in Illinois are slightly more likely to be retained, or otherwise, than abruptly laid off, than states with less stringent quarantine policies in effect but weaker labor practices.


  4. - ChicagoVinny - Thursday, Apr 9, 20 @ 11:00 am:

    Fed buying up to $500 billion in state and municipal bonds. Will that help local budgets here?

    https://www.bloomberg.com/news/articles/2020-04-09/fed-unleashes-fresh-steps-for-as-much-as-2-3-trillion-in-aid


  5. - Odysseus - Thursday, Apr 9, 20 @ 3:24 pm:

    @ChicagoVinny
    “Fed buying up to $500 billion in state and municipal bonds. Will that help local budgets here?”

    Not really, no.
    You have to distinguish between the first-sale primary market and the secondary trading market.

    If the Fed were buying in the primary market, absolutely, interest rates would go down. They’re not.

    Interest rates in the primary market are usually based off of interest rates in the secondary market, but it’s not clear that the Fed buying will change the secondary rates much. What the Fed buying does do is force people who are now holding cash to figure out what the best use of it is. And “buying primary market municipal bonds” might not be that best use.


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* Reader comments closed for the weekend
* Pritzker thanks Dr. Ezike, extends financial protections, points to progress, says no more daily COVID-19 briefings - Calls Trump tweets "reprehensible" - "I want to send my condolences to the family of George Floyd, and also to every African American in this country" - Defends budget decisions - Credits Illinoisans for progress against virus - No bill signing ceremonies - Hopes testing progress continues - "It seems as if President Trump is withdrawing us from the rest of the world" - No out of state travel plans - Talks contact tracing - Asks Illinoisans to be careful during reopening - Will sign Medicare for undocumented seniors bill - Refuses to criticize Lightfoot for Trump comments - Talks about difficulties in securing testing locations - Dr. Ezike and Pritzker respond to question about what they've learned about themselves and leadership - "We're no longer in a stay at home order"
* 1,622 new cases, 86 additional deaths
* *** UPDATED x1 *** What in the heck is going on in Rockford?
* COVID-19 roundup
* All metro areas reporting record high unemployment rates
* School seclusion and restraint bill derailed after opposition
* Attorney DeVore asks appellate court to dissolve another TRO
* Question of the day
* Madigan issues new guidance to members, staff
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* SUBSCRIBERS ONLY - Supplement to today’s edition
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* Sheriffs file suit against state for refusing to accept jail transfers
* Pritzker says IDPH has offered "suggestions" to churches - Says he's received "pushback" from some private nursing homes - IDPH will file new rule on nursing homes - Still looking at what to do about IDPH rule - Dodges question about Willie Wilson - Employers should use "common decency" when bring workers back - Will wait on feds before making any more budget decisions - Central Illinois hospitalization numbers improve - "We might potentially have to move backwards in the phases - "Not our intention" to make changes to Phase 4 guidance - No plans to dine at restaurant this weekend - No decision about ending daily briefing - Repeats that he has never encouraged police enforcement - Suggests GOP demand for IDES audit could be a "political move" - Still pondering school reopening - All testing is free - Asked about dangers of Legionella in large buildings - Testing and tracing metrics are "internal goals" - Points to federal rules on unemployment and workers who refuse to return - "Difficult for us to open theaters in the near future" - Dr. Ezike talks rules for malls - Dr. Ezike monitoring outbreak at county jail with ICE detainees
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