Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Another drastic rise in new unemployment claims.

leave a comment »

Another round of horrible news on the jobs front today. Again a big rise in the ranks of the unemployed.

4/16/20 – Wall Street Journal – U.S. Jobless Claims Top 20 Million Since Start of Shutdowns – initial claims for unemployment benefits tallied 5.2 million last week. Here is the grim recap of the last four weeks:

3/21/20          3.3
3/28/20          6.9
4/4/2020 – released 4/9/20          6.6
4/11/20 – released 4/16/20          5.2
4 week total        22.0


For context of 22 million newly unemployed, consider the civilian labor force at the end of February was 164.5 million according to the U.S. Bureau of Labor Statistics. There were 158.8 million employed.

In about a month, 13% of those people with a job lost their job (22.0M / 164.5M = 13.4%).

From another perspective, out of every 7 people who were working six weeks ago, 1 person is now unemployed.

My rather safe guess is the tally will keep growing.

Written by Jim Ulvog

April 16, 2020, 11:58 am at 11:58 am

Posted in Other stuff

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: