2.4 Million More UI Filings
And the Bureau of Labor Statistics reports that still more workers, 2.4 million of them, lost their jobs and applied for unemployment benefits in the past week. Relaxing lockdowns looks to have increased the virus caseload. Relaxing lockdowns has not all has not yet boosted production:
Equitable Growth: ’2.4 Million Workers Applied for Unemployment Benefits in the Week of May 10–16 https://twitter.com/equitablegrowth/status/1263447742627667968: 'According to the US DOL’s Weekly Unemployment Insurance claims report released today. Since the onset of the #coronavirus crisis in mid-March, 38.6 million workers have filed initial UI claims. The number of continued claims reached 25 million the week ending May 9. The insured unemployment rate, which represents the share of workers receiving benefits as a percentage of the labor force, reached 17.2 %—a 1.5 percentage point increase from the previous week. While the additional $600 in unemployment benefits stipulated under the #CARESAct are set to expire on July 31, the #HeroesAct, which passed the House of Representatives last Friday, would extend the extra benefits through January 2021. Want to learn more about why extending additional Unemployment Insurance benefits would be good for workers and the entire economy? Check out this piece by Kate Bahn https://www.barrons.com/articles/the-good-economics-behind-generous-unemployment-benefits-51585594272… #equitablegrowth #macro #noted #unemployment #2020-05-27
