WaPo reporter discusses unemployment numbers, V-shaped recovery

Washington Post economics reporter Jeffrey Stein discussed the new jobless claims of 870,000 announced by the Department of Labor on Thursday that was a slight increase of 4,000 from the previous week.

“It’s not only plateauing, there’s actually been an increase in unemployment in each of the last three weeks consecutively,” Stein said, noting newly released data that shows tens of thousands of small businesses have closed their doors. 

“We’re seeing the permanent scarring of huge sectors of the American economy at a time when federal support is either evaporating or very unlikely to arise.”

Stein said that as the Senate moved toward filling a Supreme Court vacancy left by late Justice Ruth Bader GinsburgRuth Bader GinsburgDemocrats to boycott committee vote on Amy Coney Barrett's Supreme Court nomination Mitt Romney did not vote for Trump in 2020 election The Senate should evoke RBG in its confirmation of Amy Coney Barrett MORE, it's increasingly unlikely lawmakers will reach a deal on another coronavirus stimulus package. 

“It’s very hard to imagine that especially as Republicans try to unify their caucus for this very difficult Supreme Court fight, [Senate Majority Leader] Mitch McConnellAddison (Mitch) Mitchell McConnellOn The Money: Power players play chess match on COVID-19 aid | Pelosi bullish, Trump tempers optimism | Analysis: Nearly 1M have run out of jobless benefits Trump casts doubt on hopes for quick stimulus deal after aides expressed optimism Power players play chess match on COVID-19 aid MORE would be willing to risk cutting his membership in two over something like aid for state and local governments,” Stein said.