Coronavirus: Record number of Americans file for unemployment

Coronavirus: Record number of Americans file for unemployment

New claims for unemployment in Georgia have more than doubled as businesses shut down amid coronavirus fears, the Georgia Department of Labor reported Thursday.

But the Bureau of Labor Statistics shows that only 80,334 New Yorkers are claiming benefits. Initial unemployment insurance claims last week, increased over the past year by 520% in NY.

More information about unemployment benefits and resources for business owners can be found on the EDD website. Similar numbers or even worse are expected for next week's report as layoffs continued to mount this week and the backlog of jobless workers who were not able to file grows.

Economists say this is the beginning of a massive spike in unemployment; more than 40 million Americans could lose their jobs by April. Auto sales are plummeting, and vehicle makers have closed factories. "The velocity and volume of the impact of COVID-19 has created a crisis that is unprecedented in the history of the program - going back to the 1930s when it was established".

Trump's Treasury Secretary Steve Mnuchin, spoke for the president and Wall Street, saying that the huge unemployment insurance numbers are "not relevant". That's a 363% increase over the same week past year.

Mnuchin and Trump, in the daily press briefing, claim the economic bailout bill working its way through Congress would protect people from the economic costs of the pandemic.

Layoffs are sure to accelerate as the USA economy sinks into what most economists expect to be deep and painful recession.

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