April 9, 2020
Analysis: April 9 jobless claims report
For the second week in a row, there were more than 6 million unemployment insurance claims filed in the nation. In total, the country has seen more than 15 million COVID19-influenced claims during the past three weeks. If this pace continues, the April unemployment rate for the U.S. could approach 18%.
Although North Carolina’s number of claims decreased over last week’s record total (falling from 172,000 to 137,500), over the past three weeks, the state has recorded more than 400,000 newly unemployed. The pace of these layoffs suggests North Carolina’s April unemployment rate could reach 16%.
Hopefully, the economic blow to the unemployed (and to the businesses where they previously worked) will be mitigated by the $2.1 trillion rescue package that the federal government recently passed. As was formally announced early this morning, help will also come from the Federal Reserve. The Fed announced the details of its $2.3 trillion program to support the economy at virtually the same time as the new claim numbers were provided to the public.
Dr. James Kleckley
Jim Kleckley is the director of professional services and research at East Carolina University’s College of Business and a Research Associate Professor in the Department of Finance. In addition to his day-to-day management of the College’s Office of Professional Programs and its Bureau of Business Research, he participates in research projects and teaches an MBA economics class.
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