Dear friends and colleagues,
COVID-19 is causing unprecedented disruptions to the economy, both locally and nationally. There’s a lot that we don’t know yet about how our region will be affected, but what we do know is that job losses have already reached staggering proportions.
Nationally, during the week ending in March 21, initial unemployment insurance claims erupted to nearly 3.3 million, shattering the previous record – and it’s not even close. According to an advance report from the U.S. Department of Labor, initial claims in Louisiana topped 70,000 for the week ending March 21, up from just over 2,000 for the previous week. Our state has only ever seen these levels during the days and weeks following Hurricane Katrina.
Unemployment insurance claims provide an important, early metric for newly unemployed workers. The unemployment insurance system is also a major component of the federal stimulus package. On Friday, a bill that will dramatically boost benefits and expand eligibility for unemployment insurance passed through Congress and was signed by the President. This is critical for workers in our region's most affected sectors, including hospitality.
As the effects of COVID-19 ripple through our economy, The Data Center will continue to update initial unemployment claims and to post additional analysis on how COVID-19 might be affecting our workers and businesses.
See these stats and more at:
Bringing you the data you need to make informed decisions,
The Data Center Team
Dabne Whitemore, Jenna Losh, Don Asay, Robby Habans, Lamar Gardere, Cody Brumfield, Amy Teller, Rachel Weinstein, Arthur Rymer, Katrina Andry, Erica Amrine, and Allison Plyer
