The data on unemployment claims for last week has now been reported, doubling the record number reported two weeks ago:
CNBC – The torrent of Americans filing for unemployment insurance skyrocketed last week as more than 6.6 million new claims were filed, the Labor Department reported Thursday. That brings to 10 million the total Americans who filed over the past two weeks.
Economists surveyed by Dow Jones had expected 3.1 million for last week, one week after 3.3 million filings in the first wave of what has been a record-shattering swelling of the jobless ranks. The previous week’s total was revised higher by 24,000.
10 million in two weeks. That’s an insane amount, but it is to be expected in this coronavirus pandemic when states and local governments are shutting down the economy in order to keep people safe.
It’s ironic to see media headlines hyperventilating about the record number of unemployment claims though, because when Trump suggested that we couldn’t continue this economic ‘shut down’ for much longer, the media began accusing him of wanting to get the economy running too soon, at the expense of people’s lives. Maybe these catastrophic numbers will be a wakeup call for all these pundits and reporters to see that Trump is right.
I’ve never heard of Jon Sakoda, who says he’s an entrepreneur and venture capitalist, but I thought his tweet was very much on point:
The unemployment data is shocking. There are 10 million people that have filed for unemployment in two weeks in the US. The unemployment crisis is going to be larger and hit much closer to home if we can't stop layoffs. Lives matter, but so do jobs
— Jon Sakoda (@jonsakoda) April 2, 2020
He’s exactly right. Jobs do matter and are essential to provide people with what they need to live. The federal government can’t sustain people’s lives indefinitely and if we don’t stop the layoffs and get the economy back going again, the coronavirus won’t be the only pandemic killing people.