Join institutional investors, analysts and strategists from the world's largest banks: Subscribe today
Already have an account? log in
Steve Mnuchin Didn’t ‘Predict’ 20% Unemployment. It Was Just A ‘Mathematical Example’, Ok?!
On Sunday, Steve Mnuchin told the nation that in his judgement, Gary Cohn was incorrect to suggest the US was likely already in a recession.
“I don’t think so”, Steve told ABC’s “This Week”, asked about the state of the US economy and whether the longest expansion in history has, in fact, already ended.
“I think the real issue is not the economic situation today, but what economic tools are we going to use to get through this”, Mnuchin added, before insisting that the administr
March 17: Unemployment – Numbers are starting to trickle in and they don’t look good.
WSJ: State unemployment sees surge in claims.
https://www.wsj.com/articles/state-unemployment-sites-see-increase-in-jobless-claims-11584482492
Slate: Unemployment filers are overwhelming state systems.
https://slate.com/business/2020/03/coronavirus-unemployment-websites-crashing.html
US Survey: 18% have hours or job cut due to coronavirus.
https://www.latimes.com/business/story/2020-03-17/coronavirus-layoffs-work-hours-jobs
A round up of state by state unemployment rates:
Colorado 3,900 on Monday, 6,800 Tuesday as of 10:00 am. Compare with 400 last Monday.
https://www.thedenverchannel.com/news/coronavirus/covid-19s-impact-on-unemployment-claims-unprecedented-colorado-labor-department-said
Rhode Island 6,282 on Monday, and 10,000 in less than a week. Compare with 10 last week
https://www.wpri.com/health/coronavirus/covid-19-unemployment-claims-top-10000-in-ri-in-less-than-a-week/
Ohio 12,000 on Sunday, 36,645 Monday. Compare with 562 last Sunday.
https://www.dispatch.com/business/20200317/unemployment-applications-jump-in-ohio-amid-coronavirus-outbreak?rssfeed=true
Connecticut 30,000 since Friday, compared with a typical 3,000 per week.
https://www.courant.com/business/hc-biz-unemployment-claims-20200317-uuiam6g2t5b6pczsouacogzenm-story.html
Hawaii Doubling in second week in March.
https://www.khon2.com/local-news/unemployment-claims-doubled-state-says/
Mass. Monday, 19,884 filed, compare with 17,382 entire month of February.
https://www.wcvb.com/article/nearly-20k-unemployment-claims-filed-in-massachsuetts-in-single-day-due-to-covid-19-coronavirus-concerns/31710623
Tennessee 6,092 since March 8, compare to 2,031 previous week
https://www.timesfreepress.com/news/business/aroundregion/story/2020/mar/17/tennessee-jobless-claims-jump-last-week-amid-growing-fears-recession-due-covid-19/518402/
Minnesota 2,000 applications an hour, compare to a usual 20.
https://kstp.com/coronavirus/minnesota-sees-surge-in-unemployment-benefit-filings/5676913/
New Jersey 15,000 on Monday.
https://whyy.org/articles/n-j-scrambles-to-help-those-affected-by-closures-as-coronavirus-cases-rise/
Michigan 5,400 on Monday, compared to 1,300 normal
https://www.bridgemi.com/economy/coronavirus-will-hammer-michigan-economy-only-question-how-much
Kentucky 9,000 on Tuesday, compared with normal 2,000 / week
https://www.kentucky.com/news/health-and-medicine/article241270601.html
It’s gonna be more like 40%, possibly more. Lots of people have jobs they can’t do from home. Lots of businesses are shutting down because they have no revenues.
The good news (in a relative sense) is that it should only be that high for 2-5 months.