A tsunami of activity claims to hurt the U.S. economy

A tsunami of activity claims to hurt the U.S. economy

Posted: Mar 26, 2020 / 02:04 PM EDT / Updated: Mar 26, 2020 / 02:04 PM EDT

SYRACUSE, NY (WSYR-TV) – An alarming number from the U.S. Department of Labor shows what many Americans have known in the past.

Efforts to stop COVID-19 virus have cost millions of jobs.

3.28 million people filed for unemployment benefits across the U.S. the week ending March 21, four times last week’s record set in 1982.

The numbers represent a serious problem for the unemployed across the city and in New York City.

“Will you report on unemployment? I started this process on Tuesday and I couldn’t finish it. ”

That’s one of the many emails and phone calls we’ve received since COVID-19 requires business closure.

Based on U.S. Service Browser of Labor Statistics, the unemployment rate for the week ending March 21 here in New York is 80,300.

The average for non-performing business last week was 14,300.

The most recent economic crisis that many Americans are familiar with is the so-called Great Recession that runs from December 2007 to June of 2009.

Based on the BLS statistics, New York’s weekly unemployment rate during the January 2009 Retirement System was updated with 44,654 new claims, about half of which the state department dealt with last week.

During the Great Recession, the nation’s unemployment rate rose from about 5 percent in December 2007 to 10 percent in late 2009 before the recession began.

It is a painful time for many, but two years of unemployment has not added the kind of unprecedented problem to the system to help the unemployed we are currently experiencing.

“This shows the severity of the fall, as well as its speed,” said Michelle Meyer, chief economist of the U.S. and Bank of America Corp told Bloomberg News. “It tells the unique nature of this return – it is the staggering damage and the return on the downfall, while the shock has a lot of time. We may have a higher rate of growth over the next few weeks. ”

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