39 Million People Applied for Unemployment Benefits

This is just unbelievable that close to 39 million people in the United States have applied for unemployment benefits.

More than 2.4 million people applied for benefits just last week in the latest wave of layoffs from the viral outbreak that triggered widespread business shutdowns.

Even in the last week, I've already read about several businesses in the Lansing area that have shut their doors for good because of the coronavirus pandemic.

The number of weekly applications has slowed for seven straight weeks, and last week the figures declined in 38 states and the District of Columbia.

With all of these heavy job cuts, it just reflects an economy that is sinking into the worst recession since the Great Depression.

The nonpartisan Congressional Budget Office estimated this week that the economy is shrinking at a 38% annual rate in the April through June quarter.

According to WILX, nearly half of Americans say that either their incomes have declined or they live with another adult who has lost pay through a job loss or reduced hours.

More than one fifth of Americans said they had little or no confidence in their ability to pay the next month's rent or mortgage payment.

The total number of people receiving benefits rose 2.5 million to 25 million in the week that ended may 9, the latest period for which data is available.