How Much Does Unemployment Pay In Texas
Ten million unemployed in the US
A brutal wave of layoffs flooded the country. One in four households with low incomes already reports financial problems.
The corona epidemic struck like lightning in one of the strongest labor markets of the post-war period. More than ten states reported up to ten times more job seekers yesterday than a week ago. Projections show that the unemployment rate could reach 6.5 percent in the coming spring, almost twice as much as before the outbreak of the pandemic. The hardest hit are those in the service professions, as they often only receive minimum wages and do not have adequate unemployment insurance and no financial reserves.
In no western industrialized country does a crisis affect the labor market more quickly than in the USA. The practice of “hire and fire” is widespread in the low-wage professions in the hospitality, tourism and retail sectors; but since this week teachers have also been on the street, as they are no longer paid in full for the school year that ended prematurely in many places.
80 to 90 percent of jobs in hotels, casinos and restaurants are threatened with extinction, estimates the union Unite Here. The online reservation site Open Table shows how dramatic the situation is for chefs, servers and kitchen helpers. The number of restaurant bookings in the US has plummeted 84 percent.
It's a collapse
A survey by Marist and the public media NPR and PBS gives an insight into the crisis, which is not yet visible in the official figures. According to this, 18 percent of households already report layoffs or short-time work, but every fourth household with an income of less than 50,000 dollars is already complaining about financial problems. A weakening economy usually slides into recession. Corona makes this something new: this is a collapse. The fear sits on the neck of employees in service professions that are particularly exposed to the virus. Starbucks employees, for example, urged management this week to close all restaurants to reduce the risk of infection.
Those who lose their jobs can often not count on adequate unemployment benefits. In service occupations, for example, only 56 percent are entitled to sickness benefits; and only 28 percent receive unemployment benefits. "Most laid-off workers will get less than half their wages," says Michele Evermore of the National Employment Law Center. It will not work without help from the state, all the less since two fifths of Americans do not have enough reserves to cover unplanned expenses of $ 400 even without the corona crisis.
Although the Congress is now preparing aid, implementation is a matter for the federal states, which support their unemployed in very different ways and, especially in the poorer regions, only sparingly.
Largest factory closure since World War II
The auto industry is also facing a massive wave of layoffs after all manufacturers - the last one yesterday, also Tesla - stopped production. The aircraft manufacturer Boeing - an indicator of the state of the US industry - suffered from emaciation before the epidemic as a result of the debacle surrounding the Max machines, but has collapsed in the last few days and is valued three-quarters lower on the financial markets than before Year.
Management announced layoffs and short-time work for the 150,000 employees this week; how profound is still open. If Congress does not quickly agree on an emergency corona rescue of up to 2,000 billion dollars, there is a risk of unemployment rising to 20 percent, according to Finance Minister Steven Mnuchin. This would be twice as high as in the recession of 2008 and cannot be substantiated in real economic terms. It is real to expect an increase from 3.5 to 6.5 percent unemployed by the middle of next year. According to the forecasters from IHS Markit, this means that the number of job seekers is likely to rise from 5.8 to around 10 million. It is assumed that the disease will be brought under control in two to three months.
The Economic Policy Institute writes that three million workers are already threatened with layoffs this summer. And according to Kevin Hassett, ex-advisor to President Donald Trump, a million will lose their jobs this month. The gloomy situation was confirmed yesterday by the first current figures from several large states. The number of job seekers in Michigan, Colorado and New York exploded ten-fold compared to last week. In Texas, the oil boom has come to an abrupt end; the number of job seekers in Houston quadrupled in one week.
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