Economic Trends | Senior Housing | Workforce
By: Beth Mace | April 30, 2020
The Department of Labor reported that 3.8 million Americans filed for unemployment insurance benefits in the week ending April 25, 2020 as the COVID-19 pandemic continues to cause businesses to lay off or temporarily furlough workers. This was a decline of 603,000 from the previous week’s upwardly revised level of 4.4 million. The speed and scale of the job losses is unprecedented. In the past six weeks, approximately 30 million people have filed claims. By comparison, 9 million jobs were lost over the course of the 2007-2009 recession.
Economic Trends | Senior Housing | Workforce
By: Beth Mace | April 23, 2020
The Department of Labor reported that 4.4 million Americans filed for unemployment insurance benefits in the week ending April 18, 2020 as the COVID-19 pandemic continues to cause businesses to lay off or temporarily furlough workers due to lock down across much of the country.
Economic Trends | Senior Housing | Workforce
By: Beth Mace | April 16, 2020
The Department of Labor reported that 5,245,000 Americans filed for unemployment insurance benefits in the week ending April 11, 2020 as the COVID-19 pandemic continues to cause businesses to reduce or furlough their workforces as sales plummet. This was a decline of 1,370,000 from the previous week’s upwardly revised level of 6,615,000. The speed and scale of the job losses is unprecedented. In the past four weeks, more than 22 million people have filed claims. For perspective, there were about 21.5 million jobs generated during the employment expansion that began in October 2010 or said another way, it took four weeks to lose the jobs it took 9.5 years to generate.
Economic Trends | Senior Housing | Workforce
By: Beth Mace | April 09, 2020
The Department of Labor reported that 6,606,000 Americans filed for unemployment insurance benefits in the week ending April 4, 2020 as the COVID-19 pandemic caused businesses to reduce or furlough their workforces. This was a very slight decline of 261,000 from the previous week’s upwardly revised record high level of 6,868,000. The speed and scale of the job losses is unprecedented. In the past three weeks, more than 16 million people have filed claims. At its worse during the Great Recession, there were 665,000 first-time claims filed in the week ended March 28, 2009. That was second only to the week ended October 2, 1982, when 695,000 first-time claims were filed.
