Connect with us

Economy

Weekly Unemployment Claims Surpass Great Recession Peak By Ten-Fold

Published

on

There were 6.6 million Americans who filed for unemployment insurance during the week of April 4 which surpassed the Great Recession peak by ten-fold.

According to the White House Council of Economic Advisers, the number of “initial weekly claims” peaked at 665,000 filings during the Great Recession.

“Over the past three weeks, 16.8 million initial UI claims were filed- over 10% of the 159 million US workers in Feb 2020. Since not all workers who lost their jobs have filed for UI, this measure likely understates job losses since March 15,” they wrote in a tweet.

They continued, “Insured employment, which measures approved initial UI claims, increased from $3.1 million to 7.5 million in the week ending March 28- surpassing the Great Recession peak of 6.6 million to become the highest level on record.”

Click here to read the recent unemployment report.

You may like

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Nation

White House Confirms It Is Looking Into Shutting Down Oil Pipeline Amid Fuel Crisis

Published

on

Gas Pipeline

The Biden administration confirmed that it is considering shutting down an oil pipeline in Michigan despite the ongoing fuel crisis in the country.

“Revoking the permits for the [Line 5] pipeline that delivers oil from western Canada across Wisconsin, the Great Lakes and Michigan and into Ontario, would please environmentalists who have urged the White House to block fossil fuel infrastructure, but it would aggravate a rift with Canada and could exacerbate a spike in energy prices that Republicans are already using as a political weapon,” Politico Pro reported. “Killing a pipeline while U.S. gasoline prices are the highest in years could be political poison for Biden, who has seen his approval rating crash in recent months.”

Fox News reporter Peter Doocy asked about the report during Monday’s press briefing, asking, “why is the administration now considering shutting down the Line 5 pipeline from Canada to Michigan?”

“So, Peter, that is inaccurate,” Deputy Press Secretary Karine Jean-Pierre claimed. “That is not right. So, any reporting indicating that some decision has been made, again, is not accurate. … So, again, I would — it is inaccurate what you just stated, but —”

“What’s inaccurate?” Doocy asked.

“The reporting about us wanting to shut down the Line 5,” Jean-Pierre said.

“I didn’t say ‘wanting.’  I said, is it being studied right now?  Is the administration studying the impact of shutting down the Line 5?”

“Yeah. Yes, we are. We are,” Jean-Pierre admitted.

 

The news comes as gas prices have reached their highest since 2014, when Biden was vice president, and are currently about 50% higher than they were when Biden entered office.

You may like

Continue Reading
Advertisement

Trending Now

Advertisement

Trending