Economy shrinks at record pace in 2Q 2020; State releases unemployment data

According to the US Department of Commerce, the coronavirus pandemic triggered the sharpest economic contraction in modern American history.

Gross domestic product — which is the broadest measure of economic activity — shrank at an annual rate of 32.9% in the second quarter, as many restaurants and retail storess closed their doors as part of the effort to slow the spread of COVID-19.

The economic shock in April, May and June was roughly four times as sharp as the worst quarterly decline during the Great Recession, according to NPR.

1.43 million Americans applied for first-time state unemployment last week, which is an increase of 12,000 from the previous week’s report, according to the US Labor Department. It was the second straight week of increased unemployment filings, whicih analysts say shows that the economic picture is still “grim.”

You can find more by following this link.

Graphic: TDLWD

In Tennessee, 19,461 people applied for unemployment last week, a significant decline from the previous week, when over 25,000 people filed first-time jobless claims. Since March 15th, 759,584 Tennesseans have filed for unemployment.

For a complete look at the numbers released Thursday morning by the Tennessee Department of Labor and Workforce Development, check out our website, and for information on first-time and continuing jobless claims at the county level, follow this link.

Total Claims Paid264,002
Total Payments$246,276,467
Tennessee Payments$0*
Federal Payments$246,276,467

*TN payments paid through the Coronavirus Relief Fund
 
New Claims Filed: The number of individuals filing new unemployment claims for the previous week.
Continued Claims: The number of claims continued with weekly certifications.
 

WEEKWEEK ENDING DATENEW CLAIMSCONTINUED CLAIMS
10March 142,70216,342
11March 2139,09616,098
12March 2894,49234,570
13April 4116,141112,438
14April 1174,772199,910
15April 1868,968267,053
16April 2543,792324,543
17May 237,319321,571
18May 929,308325,095
19May 1628,692314,487
20May 2326,041310,126
21May 3022,784302,260
22June 621,417292,234
23June 1319,925280,593
24June 2021,155266,596
25June 2722,256262,224
26July 425,843256,645
27July 1122,431251,924
28July 1825,794243,405
29July 2519,461242,397
New Claims Since March 15759,584 
Data from TDLWD

About Jim Harris

Jim Harris has been WYSH's News & Sports Director since 2000. In addition to reporting local news, he is the play-by-play voice for Clinton High School football, boys' and girls' basketball and baseball. Catch Jim live weekdays beginning at 6:20 am for live local news, sports, weather and traffic plus the Community Bulletin Board, shenanigans with Ron Meredith and more on the Country Club Morning Show on WYSH & WQLA. Jim lives in Clinton with his wife Kelly and daughter Carolina, his mother-in-law and cats Lucius and Oliver.

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