Unemployment Claims By State: See How COVID 19 Has Destroyed The Job Market

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An unprecedented 26 million Americans, and counting, have filed for initial unemployment benefits in the past five weeks. Listen to Collin Plume, President & CEO of Noble Gold Investments speak about the effects of unemployment around the country and how you can remain safe during economic turmoil with investing in precious metals that are thriving in this economy. We have helped thousands of clients secure their investments are are ready to do the same for you.
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An unprecedented 26 million Americans, and counting, have filed for initial unemployment benefits in the past five weeks. Gregory Daco, chief U.S. economist at Oxford Economics compared it to a natural disaster, a terrorist attack and a financial shock all at once. Yes, it’s that bad.

California was the quickest to take action. It was the first state to issue a stay-at-home order and has seen the greatest number of job losses. Last week, almost 7million filed for unemployment, 3.5 million of which are Californians.

Lagging closely behind are Hawaii, Kentucky, Michigan, and Rhode Island. However, each state is affected differently. In Massachusetts, Maryland and Michigan, put a stop to more than a year of job growth.

In Texas and Puerto Rico, economies that were struggling from falling oil prices and the long recovery from Hurricane Maria and two earthquakes, respectively, the viral shutdowns have made things even worse. Nevada, Texas and Washington, D.C. also felt the unemployment spike a week earlier than the rest of the country. Things are going to get worse before it gets better.

States with older populations, reliance on hospitality or tourism or limited work from home possibilities will most likely get it the worst. Even with all these reports, Chief economist at the auditing firm Grant Thornton said the actual unemployment count is underreported.

Many laid-off workers have yet to file for benefits simply because state unemployment portals were not built for the wave of traffic they are now receiving. It is an actual possibility for some states to not have enough money to pay all of the new unemployment claims.

Back in the last quarter of 2019, Michelle Evermore, policy analyst at the National Employment Law Project, said that many states went into the last recession with not enough money in their unemployment trust funds, and had to borrow a great deal of money.

A grand total of 35 states had to borrow from the U.S. Treasury to cover extended benefits. And many of the state unemployment insurance funds that borrowed—including California, New York, Colorado and Ohio—still aren’t solvent now.

According to the Labor Department, 23 states still don’t have enough saved in their trust funds to cover a year of benefits in a typical recession. Economic recovery is going to happen but it’s an uphill battle. The government hasn’t even caught up on current unemployment claims and they will prioritize that before they extend further help towards business loans.

Everyone will feel the economic loss, whether you are an employer or employee. Many feel forced to tap into their 401k or IRA to save their businesses or in fear of losing the value of their investment. Cashing out your 401K or IRA or investing on high risk assets isn’t the thing you do in a volatile economy. You need to protect whatever savings or retirement fund you have left.

Gold, Silver, platinum, and palladium are the safest investments during economic downturn. It has proven its stability through all economic crashes and social disturbance. Metals don’t just survive.

Wll of our coins are Graded And Certified Every single one of our coins has been independently graded and certified by the Numismatic Guarantee Corporation (NGC) or the Professional Coin Grading Service (PCGS) and comes in a sealed holder.