In the last week 4.427 million Americans filed for unemployment benefits for the first time.
That brings the four-week total to 26.5 million, which is over 10 times the prior worst five-week period in the last 50-plus years.
And of course, last week’s “initial” claims and this week’s “continuing” claims… the highest level of continuing claims ever.
Families receiving food stamps can typically get a maximum benefit of $768. Through the increase in emergency benefits, the average five-person household can get an additional $240 monthly for buying food. Families already at the maximum won’t get additional benefits. SNAP normally costs the U.S. government approximately $4.5 billion each month. The allotments made under the Families First Coronavirus Response Act, which President Donald Trump signed, is adding nearly $2 billion per month to that total. The emergency funds are made available through waivers the Department of Agriculture makes for each state.
But, hey, there’s good news… well optimistic headlines as Treasury Secretary Steven Mnuchin said he anticipates most of the economy will restart by the end of August.
Finally, it is notable, we have lost 565 jobs for every confirmed US death from COVID-19 (46,785).