Unemployment Numbers - The HuntingPA.com Outdoor Community
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post #1 of 10 (permalink) Old 03-26-2020, 01:09 PM Thread Starter
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Unemployment Numbers

Shattered the record for number of new folks signing up for unemployment last week and Pa leads the way. Gonna take some time to correct the destruction done to our economy over the last 2 weeks.
Hope the cure isn't worse than the virus.

"Looking at absolute unemployment unadjusted for state population, Pennsylvania came out on top with more than 378,000 workers filing for benefits, up 363,000 from the prior week."

https://www.cnbc.com/2020/03/26/thes...ronavirus.html

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post #2 of 10 (permalink) Old 03-26-2020, 01:18 PM
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No surprise there.
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post #3 of 10 (permalink) Old 03-26-2020, 02:56 PM
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Originally Posted by Goosehunter View Post
Shattered the record for number of new folks signing up for unemployment last week and Pa leads the way. Gonna take some time to correct the destruction done to our economy over the last 2 weeks.
Hope the cure isn't worse than the virus.

"Looking at absolute unemployment unadjusted for state population, Pennsylvania came out on top with more than 378,000 workers filing for benefits, up 363,000 from the prior week."

https://www.cnbc.com/2020/03/26/thes...ronavirus.html
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Originally Posted by simoncool View Post
No surprise there.

I would expect the states that were in the lead to shut down would also lead this figure. Off the top of my head, I think Pa. is in that short list.
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post #4 of 10 (permalink) Old 03-26-2020, 03:03 PM
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Another thing to look for is that next week we will see 1099, self employed, and gig workers being able to apply for the first time with the passage of the corona relief bill. I expect numbers of new filers to be high next week as well.
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post #5 of 10 (permalink) Old 03-26-2020, 03:31 PM
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Shattered the record for number of new folks signing up for unemployment last week and Pa leads the way. Gonna take some time to correct the destruction done to our economy over the last 2 weeks.
Hope the cure isn't worse than the virus.

"Looking at absolute unemployment unadjusted for state population, Pennsylvania came out on top with more than 378,000 workers filing for benefits, up 363,000 from the prior week."

https://www.cnbc.com/2020/03/26/thes...ronavirus.html
And those stats wouldn’t include workers who are furloughed but are still being paid by their employers. Lots of those out there, although eventually employer will quit paying them, and then they’ll file an UC claim. I think when employers see that their folks will be paid well under the Stimulus package, it’ll accelerate the process.
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post #6 of 10 (permalink) Old 03-26-2020, 03:48 PM
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I think when employers see that their folks will be paid well under the Stimulus package, it’ll accelerate the process.
There may be separate provisions in the bill paying money directly to employers to keep employees on their payrolls and out of the state unemployment system. I'm not 100% certain though. If not, you bet the number filing for unemployment will include those now being paid by employers to stay at home.
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post #7 of 10 (permalink) Old 03-26-2020, 06:41 PM
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Wait for it, the headline will be out soon; "Unemployment Rate Soars To Record High On Trump's Watch"
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Shoot straight

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post #8 of 10 (permalink) Old 03-26-2020, 07:19 PM Thread Starter
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To me it appears with this high unemployment a Recession is in the making, hoping it doesn't last too long. Looking for a V recovery.

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post #9 of 10 (permalink) Old 03-26-2020, 07:29 PM
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To me it appears with this high unemployment a Recession is in the making, hoping it doesn't last too long. Looking for a V recovery.
Some economists claim we are already there, for what that's worth. I thought you needed 2 quarters of decline???
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post #10 of 10 (permalink) Old 03-26-2020, 07:35 PM
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So happens if the market roars back, and we have +50% unemployment??? What's that called?

It certainly would show a total disconnect between the market and the real world.
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