This is just the beginning. After this comes the bankruptcies, foreclosures, increases in crime, suicides, and general crap show of a steep recession. The surest path to societal peace and prosperity is a thriving economy and work for everyone.
The social distancing measures and bans on large gatherings put in place by Gov. Tony Evers to combat the spread of coronavirus has created challenges for a number of industries. Many restaurants, including Punch Bowl Social and The Bartolotta Restaurants have had to close for the foreseeable future. Some retailers, including Kohl’s Corp., have shut down stores and some manufacturers, including Harley-Davidson, have suspended production.
The 69,342 initial claims filed last week marks a sharp uptick in unemployment in Wisconsin. For weeks ending in 2020, the state averaged 6,250 initial claims per week for a total of 56,252.
According to non-seasonally adjusted data from the U.S. Department of Labor, the highest one-week total for Wisconsin was 49,267 at the end of 2001.
Even during the Great Recession and its immediate aftermath, only one two-week period at the end of 2009 saw more than 70,000 initial claims. Most two-week stretches during that downturn saw fewer than 60,000 initial claims.