Coronavirus Layoffs Surge Across America, Overwhelming Unemployment Offices

By Politico. Employers are slashing jobs at a furious pace across the nation due to mass shutdowns over the coronavirus, slamming state unemployment offices with a crush of filers facing sudden crises.

Long before official government data is expected to reveal the depths of the economic shock inflicted by the coronavirus, reports from state officials and businesses around the country indicate the gathering of a massive wave of unemployment on a scale unseen since the Great Recession.

In New Jersey, 15,000 people applied for unemployment benefits on Monday, a twelvefold increase over normal levels. In Connecticut, nearly 8,000 applications arrived over the weekend, an eightfold increase over the norm. Rhode Island officials reported Tuesday a five-day rise in claims due to the coronavirus from 10 on March 11 to 6,282 on March 16.

More than 45,000 Ohio workers have applied for unemployment over the past week, the Ohio Department of Job and Family Services told Sen. Rob Portman, a nearly sevenfold increase over the previous week. (Read more from “Coronavirus Layoffs Surge Across America, Overwhelming Unemployment Offices” HERE)

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Steve Mnuchin Warns of 20% Unemployment If Coronavirus Stimulus Doesn’t Pass

By New York Post. Treasury Secretary Steven Mnuchin said the US unemployment rate could soar to a staggering 20 percent if Congress fails to pass a $1 trillion coronavirus stimulus package.

Mnuchin shared the potentially disastrous outlook in a closed-door Tuesday night meeting with Republican senators, a source told Reuters.

The treasury secretary was trying to persuade the Republican lawmakers to pass the bailout package that would include checks to Americans facing financial hardship amid the coronavirus outbreak sweeping the nation.

Mnuchin’s spokeswoman, Monica Crowley, said he wasn’t issuing an economic forecast, but instead was just illustrating the potential risks of inaction. (Read more from “Steve Mnuchin Warns of 20% Unemployment If Coronavirus Stimulus Doesn’t Pass” HERE)

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