Tsunami of jobless claims filed; quadruple previous 1982 record after mass COVID-19 shutdowns

(USA Features) As expected, tidal waves of unemployment claims have begun slamming into state offices following mass shutdowns of businesses following the outbreak of coronavirus.

And the early figures are nothing short of unprecedented.

According to The Associated Press, some 3.3 million Americans who have lost jobs in the wake of coronavirus-related business closings have now filed unemployment claims, which is quadruple the previous record set in 1982.

“The pace of layoffs is sure to accelerate as the U.S. economy sinks into a recession,” the AP reported.

“Revenue has collapsed at restaurants, hotels, movie theaters, gyms, and airlines. Auto sales are plummeting, and car makers have closed factories. Most such employers face loan payments and other fixed costs, so they’re cutting jobs to save money,” the newswire added.

Early estimates by economists say that the national unemployment rate to skyrocket to around 13 percent, or 3 points higher than the 10 percent mark at the height of the 2009 Great Recession.

Free Pro-Trump Flags Are Back In Stock -- GET YOURS! Click here!

In early February, the unemployment rate in President Trump’s economy had reached a 50-year low of 3.5 percent, even as the economy grew steadily.

But now some economists believe that the April-June quarter of the year could see the economy contract at its steepest rate ever — approaching 30 percent.

The AP noted further that many people have been unable to file unemployment claims yet because state websites have crashed due to traffic and offices are shuttered to the public.

We're not censored on GETTR! Click to Follow!

You Might Like

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.