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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 t
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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.