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Jobless Claims Drop From Historic Highs Down To 3.2M, But Numbers Are Still Extreme

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The coronavirus pandemic and the lockdown measures taken by states across the country to try and get the spread of this disease under control has been destroying our economy rapidly, leading to the loss of millions of jobs and the need for staggering numbers of citizens to apply for unemployment benefits.

The number of workers who had to make these claims increased by 3.2 million last week according to new information from the Labor Department. This is slightly higher than the estimate of 3.1 million new jobless claims that economists had expected.

It’s not all bad news. This number is actually down from the historic heights it reached during the final week of March where a shocking 6.9 million people made jobless claims.

Here’s more information from The Washington Examiner:

Thursday’s jobless claims come on the heels of a new Society for Human Resource Management survey showing that 12% of small-business owners said their businesses could not last another month, and 52% said they would close within six months.

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The unemployment rate for April will be announced on Friday. Gallup polling projects that it could be as high as 15%. Its poll from April 13-19 shows that 33% of workers have either been laid off or had their work hours reduced because of the coronavirus. That amounts to an estimated 54 million workers, according to Gallup.

With these kind of numbers it’s easy to understand why so many folks are calling for the economy to be reopened as soon as possible. Folks need to get back to work in order to jump start production in our country, a necessary component to earning the surplus capital to expand businesses and create jobs.

In all honesty, the economic ramifications of the measures we’ve taken to stop coronavirus may actually be more dangerous to us all in the long term than the illness itself, a hard fact many don’t want to acknowledge.

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