It has been five weeks of people asking for government assistance to live in the millions…
Almost 10% of American’s are seeking or getting assistance money to live…
This is the worst this has been since the last recession in 2008/2009….
The American economy is shrinking….
And people are still getting laid off or losing their jobs….
We are going to having a second shoe drop after the virus subsides during the late Spring and Summer…And the economy is gonna be hurting for a long time since it affects even more people…
The new weekly total comes on top of 22 million Americans who had sought benefits in previous weeks, a volume that has overwhelmed state processing systems. Economists estimate that the national unemployment rate sits between 15 and 20 percent, much higher than it was during the Great Recession in 2008 and 2009. The unemployment rate at the peak of the Great Depression was about 25 percent.
The figure came around economist predictions, which were expected “to be staggering, but not growing, which is a small mercy,” said Julia Pollak, a labor economist at ZipRecruiter. For comparison, 5.2 million people filed unemployment claims for the week ending April 11….
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Now, many of the new layoffs stem from businesses news organizations and tech companies that weren’t directly affected by people staying home, but are suffering the consequences of vanishing ad revenue and paid subscriptions.
“We see declines across every major industry and state, although the declines hit industries at different times,” Pollak said.
Meanwhile, consumer spending, the engine behind the longest economic expansion in U.S. history, has evaporated. If they’re still operating, offices are working with skeleton staffs and staring down months of dismal revenue.