New jobless claims reported today totaled 5.2 million filings for this past week. That brings the total seeking aid in a month of coronavirus-related shutdowns to 22 million workers and showing a broad shock for the U.S. labor market.
This graph shows the unemployment claims is off the chart. Notice where the unemployment rate was during the Great Recession. The graph goes to 6 million initial claims showing how disastrous the situation is now.
Thursday’s report also showed 12 million Americans received unemployment payments in the week ended April 4, a record. That is up from 7.4 million the prior week, which exceeded the highest level set in the 2007-2009 recession.
The maximum benefit in California is $450 per week. An additional $600 will be added to that amount thanks to the CARES act passed by congress regardless of the California unemployment benefit. It’s anticipated that the additional payments will last four months. If your salary was $40,000 per year your weekly benefit is $385. To qualify for the $450 benefit your annual income must have beeen at least $50,000 per year for the past year. Incidentally CARES stands for Coronavirus Aid, Relief, and Economic Security.
Who is to blame?
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