Saturday, 30 May, 2020

Massachusetts Sees Another 38,000 New Unemployment Claims

2020 shows a truck backing into a loading dock at Coca Cola Beverages Florida past a New jobless claims in Florida stabilize week to week | Raleigh News & Observer
Ginger Lawrence | 23 May, 2020, 07:43

The number of Floridians who filed new unemployment claims last week remained nearly unchanged from the previous week, suggesting some stabilization in job losses as Florida businesses have started reopening after being closed to stop the spread of the new coronavirus, according to labor figures released Thursday.

In Pennsylvania, more than 64,000 filed for unemployment last week, bringing the state's total during the nine weeks of the coronavirus crisis to 1.8 million.

"The sharp rise in continuing claims the week before illustrates that the easing of lockdowns in many states has not yet resulted in any large-scale recall to work for those now on temporary layoff", said Paul Ashworth, chief US economist at Capital Economics in Toronto.

This means that there were 29,446 individuals, who both live and work in the state of SC, filed an initial claim during the claim week, May 10-16.

WASHINGTON-Millions more Americans filed for unemployment benefits last week as backlogs in processing claims continue to be cleared and disruptions from the CCP virus unleash a second wave of layoffs, pointing to another month of staggering job losses in May.

PS5 Reveal Event - Sony’s Plans And Pricing
On a related note, we heard that Microsoft was looking to lower the price of the PS5, so Grubb's tweet is not surprising. Most notably, the SSD will increase the console's processing speed, pretty much eradicating the need for load times.

The number of regular initial claims fell again week-over-week - down from 22,483 for the week ending May 9.

The figure is still preliminary, with April payment data for six states including Florida and MI still not available on a Department of Labor Web site that provides detailed unemployment insurance information from the 50 states and the District of Columbia.

That means nationwide claims under that program - which expands unemployment benefits to those not traditionally eligible, such the self-employed and gig workers - were actually about half of the reported 2.23 million figure. That's roughly equivalent to all of the initial claims filed during the Great Recession, from December 2007 through June 2009.

Differences in how frequently people claim continued benefits in states are yet another reason why it's become more hard to get a precise read on week-to-week changes in the labor market at the state level. Yet, total continuing claims jumped an adjusted 2.5 million to a record 25.1 million. The increase was due largely to big unadjusted spikes in California and Florida, and the California rise owes in part to a biweekly filing cycle for aid recipients. The United States unemployment rate in April 2020 is 10.3 percentage points higher than March 2020.

Claims have been gradually declining since hitting a record 6.867 million in the week ended March 28. Since the pandemic began in March of this year, we have received 515,595 initial claims for unemployment and paid out more than $1.35 billion dollars. "But I think what's not being factored in is the impact on Main Street".