There were 6,419 new claims for unemployment in Northeast Tennessee this week. That’s a 35.3% increase for the previous week.
During the two weeks that the Coronavirus pandemic began taking a bite out of the local labor force, there have been 11,168 claims for unemployment from Carter, Greene, Johnson, Hawkins, Hancock, Sullivan, Unicoi and Washington counties.
Statewide there were 112,438 new claims last week, up from 94,492 the previous week – an 18.99% increase.
According to an Associated Press, this morning “With a startling 6.6 million people seeking jobless benefits last week, the United States has reached a grim landmark: More than one in 10 workers have lost their jobs in just the past three weeks to the coronavirus outbreak.
The figures collectively constitute the largest and fastest string of job losses in records dating to 1948. They paint a bleak picture of a job market that is quickly unraveling as businesses have shut down across the country. More than 20 million American may lose jobs this month.
The AP also is proportion that the viral outbreak is believed to have erased nearly one-third of the economy’s output in the current quarter. Forty-eight states have closed non-essential businesses. Restaurants, hotels, department stores and countless small businesses have laid off millions as they struggle to pay bills at a time when their revenue has vanished.
Categories: LABOR MARKET