State Programs Face Alarmingly High Application Rates

State Programs Face Alarmingly High Application Rates

(AmericanProsperity.com) – Unemployment claims soared to shocking record highs as federal and state governments shut down businesses to fight the COVID-19 pandemic. The newest numbers, released Thursday morning by the Labor Department, surged to 3.28 million. This figure blows the previous unemployment record of 695,000, set in 1982, out of the water.

Restaurants, bars, retail outlets, hotels, airlines, automakers, and entertainment venues across the country have all been hit hard by COVID-19. Pennsylvania, which has reported the highest number of jobless claims at over 378,900, was the first to mandate closures of these “non-essential businesses.” Trailing right behind is Ohio at 187,000 and California with 186,000 claims.

On Thursday morning, Federal Reserve Chairman Jerome Powell said we may be in a recession. However, he stressed that there isn’t anything “fundamentally wrong” with the economy. He said if the virus gets under control, the economy will vigorously rebound.

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