Thursday, May 28, 2020

3.2 million more Americans filed for unemployment last week

This week: 3.2 million Americans filed for unemployment last week, the US Department of Labor said on Thursday

In the last 7 weeks: Now 34 million Americans have filed for unemployment benefits.

 

But last week also marked the fifth week in a row that the number of initial claims fell. It peaked at 6.9 million in the last week of March. Economists say the downward trend is a good sign that things aren’t getting worse. But still, millions of new claims each week don’t help the brutal overall picture of the job market during this pandemic.

Munch More

The number of Americans seeking unemployment benefits remained in the millions for an eighth straight week as the economy continued to reel from the coronavirus pandemic.

What happened: Initial jobless claims in state programs totaled 2.98 million in the week ended May 9, Labor Department figures showed Thursday.

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House Speaker Nancy Pelosi unveiled a more than $3 trillion coronavirus aid package Tuesday, providing nearly $1 trillion in aid for states, cities, and local governments, aid to essential workers, and a new round of cash payments to individuals.

The proposal details are:

  1. Fresh round of $1,200 direct cash aid to individuals, increased to up to $6,000 per household.
  2. $175 billion housing assistance fund to help pay rents and mortgages.
  3. $75 billion more for virus testing.
  4. It would continue, through January, the $600-per-week boost to unemployment benefits.
  5. It adds a 15% increase for food stamps and new help for paying employer-backed health coverage.
  6. $3.6 billion to help local officials prepare for the challenges of holding elections during the pandemic.
  7. $10 billion more for the PPP
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A restaurant that opened for full service on Mother’s Day in defiance of state rules banning in-person dining was ordered closed by state health officials on Monday. Despite an order to close, Monday was another busy day for C&C Breakfast and Korean Kitchen in Castle Rock as they stayed open.

What happened: A video posted by Colorado Community Media showed people sitting at tables and waiting close together in a line at the counter while others lined up outside for a chance to get inside the eatery in Castle Rock about 30 miles south of Denver.

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“F— Elon Musk,” was Democrat Assemblywoman’s Lorena Gonzalez’s response on Twitter at the news that entrepreneur Elon Musk planned to pull much of his company Tesla out of California.

What happened: Earlier Saturday, Musk wrote on Twitter that he planned to move Tesla‚Äôs headquarters and ‚Äúfuture programs‚ÄĚ to Texas and Nevada ‚Äď adding that the company‚Äôs current facility in Fremont, Calif., in the San Francisco Bay area would remain open for some activity ‚Äúdependent on how Tesla is treated in the future.‚ÄĚ

Musk noted for his nearly 34 million Twitter followers that Tesla was ‚Äúthe last carmaker left in CA.‚ÄĚ He referred to Tesla‚Äôs dispute with Alameda County, where Fremont is located, as ‚Äúthe final straw.‚ÄĚ

 

 

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U.S. employers cut an unprecedented 20.5 million workers in April, propelling the jobless rate to its highest since the Great Depression as the coronavirus-forced lockdown reversed a decade of labor-market gains in a single month.

What we know: U.S. employers cut 20.5 million jobs in April, a record-shattering number that pushed unemployment to 14.7 percent, the highest level since the Great Depression, evidence of the unprecedented economic catastrophe triggered by the coronavirus pandemic.

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