The number of Americans seeking jobless aid “starkly illustrates the extent of the economic devastation that the coronavirus has unleashed,” Paul Ashworth of Capital Economics said in a note to investors. For perspective, the unemployment claims reported Thursday wipe out all the job gains for 2019 and half of 2018. And as staggering as the figures are, they are likely to rise in the coming weeks, Ashworth noted. The deluge in claims has overwhelmed many state websites, preventing many recently laid-off workers from applying for financial assistance. Ashworth added that he expects the nation’s unemployment rate, which was at a 50-year low of 3.5% in February, to top 10% as soon as next month.
Treasury Secretary Steven Mnuchin dismissed the jobless claim figures on Thursday, saying they were “not relevant” because U.S. lawmakers were on the cusp of passing a significant economic stimulus bill. The package would give unemployed workers their full pay for four months, expand benefits to independent contractors (who are typically exempt) and send direct payments of up to $1,200 to every adult.
The package also includes hundreds of billions of dollars in loans to businesses, and aid for hospitals and state and local governments. Nick Note: I call the the smelly arm pit stinky asshole Netflex Dream Ream! THE millennials are in heaven. sleep all day, watch Netflex all night, eat pizza stay home all day play video games and best of all stay high. And the really good part isyou don’t have to make cappuccinos at Starbucks. And as a added bonus is you don’t have to pay rent or shower……..