Coronavirus economy: 2 million New Yorkers unemployed since March

Saturday, 16 May, 2020

The global novel coronavirus crisis continues to batter the U.S. labor market, with millions more Americans, including white collar workers, filing for unemployment benefits last week as the hit from the pandemic spills over into a broader swath of the economy.

"There really isn't any sign that the labor market is bottoming out yet", said Daniel Zhao, senior economist at Glassdoor, the career website.

Meanwhile, the ranks of workers drawing on unemployment insurance continues to remain high as states process applications.

To help weed out fraudulent claims, the department will hold payments for two days to validate recent incoming claims as authentic.

A combination of state unemployment benefits, along with CARES Acts funds, Federal Pandemic Unemployment Compensation, and Pandemic Unemployment Assistance totaling $1.09 billion has been issued over the past eight weeks in SC, according to the release.

Many newly jobless have found themselves in a precarious financial position, with more than a third reporting trouble paying their bills and almost half unable to afford a $400 emergency, the Federal Reserve said in a survey released Thursday. But available data shows the total number of people now receiving unemployment benefits each week is still growing.

The breakdown by industry is equally grim: 358,967 workers in the accommodation and food service sector filed jobless claims since mid-March - a 2,558 percent increase from a year ago. That is a 24.5% drop from the previous week's total of 28,550.

She said they then cross-match claims data in a new national fraud detection system.

About $335 million has been distributed in unemployment benefits since March 1, Nebraska Labor Commissioner John Albin said.

One in five people who were working in February reported that they lost a job or were furloughed in March or the beginning of April, according to a new Federal Reserve survey released Thursday. OR will get another gauge Tuesday when the state releases the April unemployment number - which will surely land somewhere well north of 10%, as bad or worse than the toughest days of the Great Recession. Employees in the education sector filed 792, and government workers filed 314. The managers were spread across industries, Bailey said. "Education and health care have been recession-resistant".

In Mahoning County, there were 1,051 new claims, also the least amount filed over the period. The third and fourth quarter, Goldman said, will see big percentage increases in GDP from the second quarter low point, and for the whole year will come in at -6.5%.