Home > Uncategorized > Historic surge in US unemployment claims – 3.28m

Historic surge in US unemployment claims – 3.28m

  1. March 31, 2020 at 4:46 pm

    Yes, I’ve been following the economics of the Pandemic in the US, and elsewhere, closely.

    The projections of 20-30% unemployment are possible, because some of the ripple effects are not always easy to see. Cancelling the National Basketball Association season, and the college men’s NCAA basketball tournament cut not only private owner and individual college revenues, but also motel, restaurant, vendors and arena security personnel incomes.

    It’s the first time since I was a young basketball player, 12 years old in 1962, that there was no “March Madness” college basketball to watch during the month, and on into early April. Big ad revenues attached to the games as well. So this is a cultural impact as well as economic, blurry as those lines can be.

    In my rural mountain portion of western Maryland, a college town, the students are gone home and to video only classes right through to the end of the term in late May…and the chief employers in our region aside from federal and state prisons, Walmart and the schools, are the restaurants, and they’re all closed…take out alone cannot save them.

    I’m waiting to see where the weaknesses in the private debt, corporate debt arrangements are, and whether they can hold up to the weaknesses across the board. Rana Foroohar of the Financial Times made her grave worries on this score public this past Sunday on a well known CNN show.

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