It’s starting… unemployment claim data.
Some data on unemployment claims is starting to emerge…
15 States had 629,988 unemployment claims this week. To put this into perspective, last week we had 281,000 initial jobless claims in the entire USA.
At the height of the 08/09 financial crisis the highest we had in a week was ~655,000.
- From Monday to Wednesday, Ohio reports 78,000 unemployment claims. The entire week before that number was 6,500.
- Michigan sees a 550% increase in unemployment year over year (rough est this week).
- Connecticut is seeing around 10,000 per day and increasing every day.
- MA had 20,000.
People are being turned down for silly reasons… and the gov needs to step in to increase the amount of unemployment and make it easier to get. Things we should have fixed before a CRISIS, hopefully, we don’t let it go to waste. Unemployment needs to be pegged to salary and it needs to support the people who need it most, gig workers and all the people not working FT.
“Beyond the question of contract and gig economy workers, even many employees are not going to be able to take advantage of this because of Ohio’s overly stringent earnings requirements, which are among the toughest in the country,” he said. “If you make the $8.70 an hour, which is Ohio’s minimum wage, and you work 30 hours a week, you don’t meet this overly strict earnings test. That’s why in the fourth quarter of last year just 21% of Ohio’s unemployed were getting unemployment benefits.
I’ll be curious to see how the stock market reacts and if this was priced in…
Here is a good summary by NYTimes:
I am confident the government will get this sorted. Gov can be slow-moving but unemployment is an easy one to fund, make easier, and increase in order to give the temp bandaid to get past this initial period.
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