[BPt111]

CT feeling a little recession number of residents out jobs and it growing

20,000 CT jobless claims since Friday; 10,000 Monday no update yet on Tuesday numbers

“Between Friday and early Tuesday morning, the state received 20,000 first-time claims for unemployment from Connecticut residents — ten times the number that would normally come in over that same period.”

“These are clearly recession-type numbers. The question is whether the numbers come in as a sudden bunch and then slow, or continue.”

https://ctpost.com/news/coronavirus/...?src=mctphpbrk

[MrGompers]

Originally Posted by BPt111

CT feeling a little recession number of residents out jobs and it growing

20,000 CT jobless claims since Friday; 10,000 Monday no update yet on Tuesday numbers

“Between Friday and early Tuesday morning, the state received 20,000 first-time claims for unemployment from Connecticut residents — ten times the number that would normally come in over that same period.”

“These are clearly recession-type numbers. The question is whether the numbers come in as a sudden bunch and then slow, or continue.”

https://ctpost.com/news/coronavirus/...?src=mctphpbrk

HARTFORD COURANT had reported yesterday that unemployment claims over the weekend were 8,000. They usually receive 1,000 claims over the weekend.


Whether its 8k or 20k it won't be pretty. People are going to learn real quick the consequences of cutting staff at the DOL.


Reviews before the virus outbreak. Wonder if ratings can get below one.


https://www.google.com/search?source...8644bd660173,1,,,

[BobNJ1960]

Originally Posted by Serious Conversation

I don't think anywhere has seen anything quite like this.

This isn't the financial machinery blowing up where we had some sort of blueprint from the Great Depression. Interest rate cuts don't help closed restaurants reopen, quarantines to go away, or heal the infected. It is not a good tool and we don't have a precedent for this. This isn't necessarily just a slowdown - a month ago, things were mostly fine. This is a complete and basically overnight stoppage of large parts of the day to day economy.

.

This is unique. The airline industry is in the most imminent danger. The restaurant, hospitality, and other personal entertainment venues staff are likely the most in imminent danger in terms of individuals.

[Brian26]

The entire gym and fitness industry is shut down. There is going to be a huge influx of unemployment claims from them after this week.

[NUHuskies01]

Originally Posted by BobNJ1960

This is unique. The airline industry is in the most imminent danger. The restaurant, hospitality, and other personal entertainment venues staff are likely the most in imminent danger in terms of individuals.

You can probably throw car dealerships and any other type of customer facing sales role outside of supermarkets at the moment. And then other industries will use it as an excuse to layoff people too. Then hire people at lower levels for less dollars.

At least if the state needs to borrow money due to loss tax revenue, money is dirt cheap right now.

[Stylo]

Originally Posted by Brian26

The entire gym and fitness industry is shut down. There is going to be a huge influx of unemployment claims from them after this week.

And restaurants, bars, breweries, salons, entertainment, conference centers, etc etc

How does all this unemployment at once not completely buckle the system?

[kidyankee764]

Originally Posted by Stylo

And restaurants, bars, breweries, salons, entertainment, conference centers, etc etc

How does all this unemployment at once not completely buckle the system?

The national and worldwide economy is going to suffer greatly, I’m afraid. The one positive is that once everything reopens, consumers will get right back to spending (and maybe make up for lost time?) so a rebound is inevitable.

[BobNJ1960]

Originally Posted by kidyankee764

The national and worldwide economy is going to suffer greatly, I’m afraid. The one positive is that once everything reopens, consumers will get right back to spending (and maybe make up for lost time?) so a rebound is inevitable.

True, plus in 75% of the nation, the drop will be far lighter due to far less cases per capita, and the spike upon recovery far lighter.

This will disproportionately affect a few regions. Sadly, we are in one of the epicenters. However, even in Ct, it is mainly a one county issue, so far. In that county, unemployment will soar with basically all things that are "wants" closed. (I am using the term want for restaurants, bars, fitness clubs, and entertainment options). Hopefully we starting seeing a downward slope on new cases quicker than anticipated, so the affected can return to work.

[BPt111]

Originally Posted by BPt111

CT feeling a little recession number of residents out jobs and it growing

20,000 CT jobless claims since Friday; 10,000 Monday no update yet on Tuesday numbers

“Between Friday and early Tuesday morning, the state received 20,000 first-time claims for unemployment from Connecticut residents — ten times the number that would normally come in over that same period.”

“These are clearly recession-type numbers. The question is whether the numbers come in as a sudden bunch and then slow, or continue.”

https://ctpost.com/news/coronavirus/...?src=mctphpbrk

12,000 new claims Tuesday push CT total to 32,000 jobless claims it might be nearly 60,000-70,000 by week end

State unemployment rate could reach 10% by April


"Unemployment claims have surged, with 10,000 new filings Monday and 12,000 more on Tuesday."

[BPt111]

Fairfield County is hardest hit area in the state then New Haven County area