Record-Setting Job Claims Strain Struggling State Budgets

Record-Setting Job Claims Strain Struggling State Budgets

(AmericanProsperity.com) – On Thursday morning, unemployment claims surged to the highest levels ever recorded. According to the Labor Department, they doubled over the previous week from 3.28 million to 6.64 million — an all-time high. Last week’s unemployment claims were revised up by 24,000.

The previous record for weekly unemployment claims was 695,000 in 1992.

In the last two weeks alone, almost 10 million people have filed for unemployment claims. The surge started around the middle of March when social distancing measures began, schools were closed, and states began closing non-essential businesses to prevent the spread of the virus.

Some economists believe these are not the true numbers. Many people calling into unemployment lines are not getting through due to the high call volume and demand for unemployment services.

Unfortunately, until the stay-at-home orders are lifted and it’s business as usual, these numbers will likely continue to climb.

~Here’s to Your Prosperity!

Copyright 2020, AmericanProsperity.com