This Week Brings Another 6 Million Unemployment Claims

Laid-off workers filed another 6 million unemployment applications this week. That brings us to 16 million coronavirus-related claims. I will once again say that this is good news: it means lots of people are applying for the expanded unemployment benefits in the rescue bill, and they’ll be kept whole until the COVID-19 countermeasures are lifted. When that happens, their savings will be intact and their consumption behavior will be unchanged.

Despite the best efforts of the news media to pretend otherwise, have you noticed that there’s surprisingly little economic panic right now? Obviously there’s some because the rescue bill doesn’t rescue literally everyone. But if we had unemployment like this caused by a normal recession, the panic would be palpable. Instead we have people delaying rent payments a bit, dipping into savings temporarily until the unemployment checks arrive, and making jokes about Netflix. Under the circumstances, people are taking this surprisingly well, and that’s because they know that help is on the way.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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