Special Bulletin: Unemployment Filings Spike to Unprecedented Level

March, 2020

Unemployment Claims Hit All-Time High

Key Takeaways:

  • Initial unemployment claims soar to 3.3 million, doubling consensus forecasts

  • This is nearly five times higher than previous record

  • Reflects significant impact of COVID-19 on service businesses like hotels and restaurants

  • The steep rise will put upward pressure on the unemployment rate

 
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Moratorium on Residential Evictions

Key Takeaways:

  • Local governments suspend evictions to protect tenants and slow spread of the coronavirus

  • Specifics vary by local area, but generally halt evictions for 60-120 days or until emergency subsides

  • Canadian restricted evictions: Ontario, B.C., Quebec, Manitoba, Nova Scotia, P.E.I, N.W.T.

 
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Agreement Made on Largest Stimulus Bill in History

Key Takeaways:

  • $2 trillion aimed at shoring up economy reaches agreement in Congress

  • The bill will provide up to $850 billion in loans to small business and vulnerable industries

  • The proposal includes cash payments of $1,200 for individuals and $500 for children

  • Student loan payments will be suspended and food assistance will be expanded

  • The bill provides $250 billion in expanded unemployment benefits, $32 billion in relief for airlines, and $117 billion for hospitals

COVID-19Peter StandleyMarch 2020, Employment, Policy, 1