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first_imgGenerous provisions Applications for unemployment benefits peaked at 665,000 during the 2007-2009 recession, when 8.7 million jobs were lost. Economists say the country should brace for jobless claims to continue escalating, partly citing generous provisions of a historic $2.3 trillion fiscal package signed by President Donald Trump last Friday and the federal government’s easing of requirements for workers to seek benefits.As a result, self-employed and gig workers who previously were unable to claim unemployment benefits are now eligible. In addition, the unemployed will get up to $600 per week for up to four months, which is equivalent to $15 per hour for a 40-hour workweek. By comparison, the government-mandated minimum wage is about $7.25 per hour and the average jobless benefits payment was roughly $385 per person per month at the start of this year.”Why work when one is better off not working financially and health wise?” said Sung Won Sohn, a business economics professor at Loyola Marymount University in Los Angeles.Last week’s claims data has no bearing on the closely watched employment report for March, which is scheduled for release on Friday. For the latter, the government surveyed businesses and households in the middle of the month, when just a handful of states were enforcing “stay-at-home” or “shelter-in-place” orders.It is, however, a preview of the carnage that awaits. Retailers, including Macy’s, Kohl’s Corp and Gap Inc, said on Monday they would furlough tens of thousands of employees, as they prepare to keep stores shut for longer.According to a Reuters survey of economists, the government report on Friday is likely to show nonfarm payrolls dropped by 100,000 jobs last month after a robust increase of 273,000 in February. The unemployment rate is forecast to rise three-tenths of a percentage point to 3.8% in March.”A rough look at the most affected industries suggests a potential payroll job loss of over 16 million jobs,” said David Kelly, chief global strategist at JPMorgan Asset Management in New York. “The loss would be enough to boost the unemployment rate from roughly 3.5% to 12.5%, which would be its highest rate since the Great Depression.”Thursday’s claims report also showed the number of people receiving benefits after an initial week of aid jumped 1.245 million to 3.029 million for the week ended March 21, the highest since July 6, 2013 Topics : The number of Americans filing claims for unemployment benefits shot to a record high of more than 6 million last week as more jurisdictions enforced stay-at-home measures to curb the coronavirus pandemic, which economists say has pushed the economy into recession.Thursday’s weekly jobless claims report from the Labor Department, the most timely data on the economy’s health, reinforced economists’ views that the longest employment boom in US history probably ended in March.Initial claims for state unemployment benefits surged 3.341 million to a seasonally adjusted 6.648 million for the week ended March 28, the government said. Data for the prior week was revised to show 24,000 more applications received than previously reported, lifting the number to 3.307 million.center_img Economists polled by Reuters had forecast claims would jump to 3.50 million in the latest week, though estimates were as high as 5.25 million.”Similar to last week’s unemployment claims numbers, today’s report reflects the sacrifices American workers are making for their families, neighbors, and country in order to slow the spread,” US Labor Secretary Eugene Scalia said in a statement.The United States has the highest number of confirmed cases of COVID-19, the respiratory illness caused by the virus, with more than 214,000 people infected. Nearly 5,000 people in the country have died from the illness, according to a Reuters tally.The dollar was little changed against a basket of currencies. U.S Treasury prices were trading higher while US stock index futures pared gains.last_img read more

first_img SHARE Email Facebook Twitter November 04, 2016 Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf Bill Signing Harrisburg, PA – Governor Wolf today signed the following bills into law:Act 145 (Farry) – Amends the Enforcement Officer Disability Benefits Law, amending the title; & providing for eligibility of firemen of airport authorities, firemen employed by Commonwealth & EMS personnel of cities.Act 146 (Boback) – Amends Title 40 (Insurance), in regulation of insurers and related persons generally, providing for retroactive denial of reimbursements.Act 147 (Miccareli) – Amends the act entitled “An act to establish a Board of Wardens for the port of Philadelphia, & for the regulation of pilots & pilotages, & for other purposes therein mentioned,” further providing for fees.Act 148 (Miccareli) – Amends act entitled “A further supplement to an act, entitled ‘An act to establish a board of wardens for the port of Philadelphia’ & for regulating the rates of pilotages & number of pilots” providing for rates & charges.Act 149 (Gabler) – Act providing for student protection during the transition of a postsecondary education institution to new accreditation.Act 150 (Folmer) – Amends the Local Tax Enabling Act, in consolidated collection of local income taxes, providing for the definition of “farming” & further providing for declaration & payment of income taxesAct 151 (Raferty) – Amends the Transit Revitalization Investment District Act, in general provisions; for defs.; in TRID creation & location; TRID planning study; land development powers; for development or redevelopment; for public meeting.Act 152 (Argall) – Amends Recorder of Deeds Fee Law authorizing an additional fee to be imposed and used for demolition; and making an editorial change.Act 153 (Vance) – Amends the Public Welfare Code, in human services block grant pilot program, for defs.; for human services block grant, for powers & duties, for allocation, use of funds, appeals, limitations & construction & editorial changes.Act 154 (Blake) – Amends Title 66 (Public Utilities), in general provisions, further providing for definitions.Act 155 (Hutchinson) – Amends the Second Class County Code, in fiscal affairs, further providing for limits on counties of the second class.Act 156 (Hutchinson) – Amends Title 53 (Municipalities), in consolidated county assessment, further providing for limitation on tax increase after countywide reassessment.Act 157 (Browne) – Amends CPA Law further providing for defs., for requirements for issuance of certificate, for certificates issued by domestic reciprocity, for licenses to practice & licensing of firms and for peer review.Act 158 (Rafferty) – Amending Titles 18 (Crimes and Offenses) and 42 (Judiciary and Judicial Procedure) of the Pennsylvania Consolidated Statutes, in burglary and other criminal intrusions, further providing for burglary; and, in sentencing, providing for sentencing for burglary.Act 159 (Mensch) – Act designating a portion of State Route 663 in Montgomery County as the Army Specialist Ray Ira Haas Memorial Highway; various other road & bridge designations.Act 160 (Baker) – Amends Underground Utility Line Protection Law further providing for expiration.Act 161 (White) – Amends an Act further providing for electronic funds transfers; providing for defs.; for consumer protections; payroll card accounts; and making editorial changes.Act 162 (Wagner) – Amends Title 68 (Real & Personal Property), in creation, alteration & termination of condominiums, for amendment of declaration; in cooperatives, for amendment of declaration; &, in planned communities, for amendment of declarationGovernor Wolf vetoed the following bill:HB 245 PN 4110 (Dunbar) – Amends the Local Tax Enabling Act, in local taxes, further providing for defs., payroll tax, payment of tax, and withholding tax; for tax collection committees, powers of DCED, for penalties & costs of collection, local services & taxes.View Governor Wolf’s veto message below: Governor Wolf Acts on Legislationlast_img read more