Coronavirus Live Updates: In 4 Weeks, 22 Million Americans Have Lost Their Jobs


Workers have ‘nowhere to hide’ as unemployment permeates the economy.

More than 5.2 million workers were added to the tally of the unemployed on Thursday, another staggering increase that is sure to add fuel to the debate over how long to impose stay-at-home orders and restrictions on business activity.

In the last four weeks, the economy has lost about 22 million jobs. The latest figure from the Labor Department, reflecting last week’s initial unemployment claims, underscores how the downdraft has spread to every corner of the economy: hotels and restaurants, mass retailers, manufacturers and white-collar strongholds like law firms.

“There’s nowhere to hide,” said Diane Swonk, chief economist at Grant Thornton in Chicago. “This is the deepest, fastest, most broad-based recession we’ve ever seen.”

Some of the new jobless claims represent freshly laid-off workers; others are from people who had been trying for a week or more to file.

The mounting unemployment numbers seem certain to add to pressure to lift some restrictions on business activity. President Trump has said some measures should be relaxed soon because of the impact on workers. “There has to be a balance,” he said at a press briefing Wednesday evening. “We have to get back to work.”

Many governors and health experts are more cautious. If business conditions return to normal too quickly, they fear, a second wave of coronavirus infections could spread.

“For all practical purposes, the U.S. economy is closed, so why would you expect layoffs to stop?” said Torsten Slok, chief economist at Deutsche Bank Securities. “The longer the wait to reopen, the more painful it will be in terms of layoffs. Getting a date for reopening and getting more certainty about reopening is critical.”

Mr. Slok expects the unemployment rate to hit 17 percent this month, up from 4.4 percent in March and higher than any mark since the Great Depression.

On Jan. 22, two days after Chinese officials first acknowledged the serious threat posed by the new virus ravaging the city of Wuhan, the chief of the World Health Organization held the first of what would be months of almost daily news briefings, sounding the alarm, telling the world to take the outbreak seriously.

But with its officials divided, the W.H.O., still seeing no evidence of sustained spread of the virus outside of China, declined the next day to declare a global public health emergency. A week later, the organization reversed course and made the declaration.

Those early days of the epidemic illustrated the strengths and weaknesses of the W.H.O., an arm of the United Nations that is now under fire by President Trump, who on Tuesday ordered a cutoff of American funding to the organization.

With limited, constantly shifting information to go on, the W.H.O. showed an early, consistent determination to treat the new contagion like the threat it would become, and to persuade others to do the same. At the same time, the organization repeatedly praised China, acting and speaking with a political caution born of being an arm of the United Nations, with few resources of its own, unable to do its work without international cooperation.

Mr. Trump, deflecting criticism that his own handling of the crisis left the United States unprepared, accused the W.H.O. of mismanaging it, called the organization “very China-centric” and said it had “pushed China’s misinformation.”

But a close look at the record shows that the W.H.O. acted with greater foresight and speed than many national governments, and more than it had shown in previous epidemics. And while it made mistakes, there is little evidence that the W.H.O. is responsible for the disasters that have unfolded in Europe and then the United States.

Even so, there suddenly was another case. And within two weeks, dozens of others inside the facility, the Canterbury Rehabilitation and Healthcare Center in Richmond, Va., were falling ill. Now, at least 46 residents are dead — more than a quarter of the facility’s population and one of the highest known death tolls in the United States.

“You can’t fight what you can’t see,” said Dr. Jim Wright, the director of the center.

At the Michigan protest, which drew the largest crowd yet, the sound of car horns filled the air and signs proclaimed “Live Free or Die,” “Make Michigan Work Again” and “We Deem Our Governor Non-Essential.”

Tyler Miller, 39, an engineering technician in Bremerton, Wash., who has planned a similar protest for next week at Washington’s statehouse, said in an interview that Americans should take the virus seriously, noting that even as he wrote to the governor to complain about the restrictions, he self-quarantined at home because of coronavirus-like symptoms.

“I want the governor to say that these are strongly encouraged practices but that people have the right to gather,” Mr. Miller said, adding that if the order was revised, he would call off the rally. “My personal view is, I want people to be as safe as possible, but I also want their liberties to be respected in the process.”

A new federal program to help small businesses weather the coronavirus pandemic is running out of money and falling short in the industries and states most battered by the crisis, risking waves of bankruptcies and millions of additional unemployed workers.

Funding for the Paycheck Protection Program, an initiative created by the $2.2 trillion stimulus law enacted last month, could be exhausted this week, meaning that the Small Business Administration would have to stop approving applications. As of Wednesday evening, more than 1.4 million loans had been approved at a value of more than $315 billion, according to the Small Business Administration.

The furor in Lynchburg centers on Mr. Falwell’s decision to open the campus to all students and staff at a time when most American universities were closing for fear of spreading the disease. For weeks before that decision, Mr. Falwell had derided other universities’ coronavirus responses as overreactions driven by a desire to harm President Trump.

Breaking leases, paying rent and other housing questions answered.

Whether you’ve moved back with your parents, or simply to a different space to ride out the pandemic, do you have any options if you want to break your lease? Or are you looking for your next house and considering a life-changing purchase during these strange times? We have the answers you need.

A White House spokesman did not respond to a request for comment.

Reporting was contributed by Donald G. McNeil Jr., Richard Pérez-Peña, Ellen Barry, Marc Santora, Jim Tankersley, Emily Cochrane, Emily Flitter, Matt Stevens, Karen Barrow, Nicholas Bogel-Burroughs, Caitlin Dickerson, David Gelles, Abby Goodnough, Neil Irwin, Danielle Ivory, Miriam Jordan, Sheila Kaplan, Annie Karni, Kate Kelly, Zolan Kanno-Youngs, Adeel Hassan, Mike Baker, Manny Fernandez, Simon Romero and Katie Thomas.



Source link Health



from WordPress https://viraltrendingcontent.com/coronavirus-live-updates-in-4-weeks-22-million-americans-have-lost-their-jobs/

Comments