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The job losses from the coronavirus in Louisiana are double that of Hurricane Katrina

The number of jobs lost in Louisiana during the coronavirus pandemic is now nearly double the number that occurred when Hurricane Katrina devastated the state 15 years ago.

Louisiana’s job losses were 11 percent in the first half of the year as the coronavirus began devastating the United States.

By comparison, the rate was six percent after Hurricane Katrina in 2005. Quarterly job losses for Louisiana throughout the Great Recession of 2008 were less than four percent.

A economic forecast by Gary Wagner, a professor at the University of Louisiana at Lafayette, predicts it could take until 2022 for the state economy to fully recover from COVID-19.

Louisiana's job losses were 11 percent in the first half of the year as the coronavirus began devastating the United States. A woman is pictured above at an unemployed New Orleans office in April

Louisiana’s job losses were 11 percent in the first half of the year as the coronavirus began devastating the United States. A woman is pictured above at an unemployed New Orleans office in April

Wagner, who released his forecasts quarterly, noted that the state lost 218,000 jobs on the payroll in the first half of the year and that the official unemployment rate at the end of the second quarter was 13 percent – a high that hasn’t been seen since 1986. is seen.

More than 800,000 people had also filed new jobless claims since March 14, which is higher than the state’s historical average.

He expects annual job growth to remain negative until the first quarter of next year.

“Under the baseline scenario, the state is expected to have 1.9 million jobs by the end of 2021, or about 84,000 fewer jobs than in 2019,” he said.

The state’s economy contracted 6.6 percent year-on-year in the first quarter, Wagner wrote in his report.

In comparison, the rate was six percent in the wake of Hurricane Katrina (above) in 2005. Quarterly job losses for Louisiana throughout the Great Recession of 2008 were less than four percent

In comparison, the rate was six percent in the wake of Hurricane Katrina (above) in 2005. Quarterly job losses for Louisiana throughout the Great Recession of 2008 were less than four percent

In comparison, the rate was six percent in the wake of Hurricane Katrina (above) in 2005. Quarterly job losses for Louisiana throughout the Great Recession of 2008 were less than four percent

Louisiana's job losses were 11 percent in the first half of the year. Wagner expects annual job growth to remain negative until the first quarter of next year

Louisiana's job losses were 11 percent in the first half of the year. Wagner expects annual job growth to remain negative until the first quarter of next year

Louisiana’s job losses were 11 percent in the first half of the year. Wagner expects annual job growth to remain negative until the first quarter of next year

“Louisiana’s 6.6 percent contraction was one of the sharpest declines in the country,” he said.

“Only Michigan, New York, Nevada and Hawaii saw a greater decline in economic activity.”

However, Wagner predicts that the Louisiana economy is recovering faster than initially expected.

“As bad as some of the numbers were between the first and second quarters, it turns out that a lot of those indicators were a bit better than what I projected in May,” he said.

‘I think one of the reasons was the extra unemployment benefit. That really helped boost consumer spending.

At the time of the previous report, there was some uncertainty about how long that would take. We now know that it will continue until the end of 2020. ‘

Despite severe job losses and declining economy, Wagner predicts Louisiana economy will recover faster than initially expected

Despite severe job losses and declining economy, Wagner predicts Louisiana economy will recover faster than initially expected

Despite severe job losses and declining economy, Wagner predicts Louisiana economy will recover faster than initially expected

Unemployment claims are ticking back to over a million – 135,000 more than a week earlier

The number of Americans filing new claims for unemployment benefits unexpectedly spiked back above 1 million last week after an initial drop – a setback to a struggling US job market paralyzed by the coronavirus pandemic.

New claims for state unemployment benefits rose to 1.1 million for the week ending Aug. 15, up from 971,000 in the previous week, the Labor Department said Thursday.

The latest figures suggest that more than five months after the outbreak of the viral outbreak, the economy is still weak despite recent gains, as some businesses have reopened and some sectors such as housing and manufacturing have recovered.

Economists had predicted a decline with only 925,000 filings in the past week.

The previous week’s level marked the first time since March that new claims had been registered below the 1 million level.

New claims for state unemployment benefits rose to 1.1 million for the week ending Aug. 15, up from 971,000 in the previous week, the Labor Department said Thursday.

New claims for state unemployment benefits rose to 1.1 million for the week ending Aug. 15, up from 971,000 in the previous week, the Labor Department said Thursday.

New claims for state unemployment benefits rose to 1.1 million for the week ending Aug. 15, up from 971,000 in the previous week, the Labor Department said Thursday.

Initial claims peaked at 6.867 million at the end of March.

Thursday’s claims report also found that the number of people receiving benefits after an initial week of aid fell to 14.8 million in the week ending August 8 from a revised 15.48 million in the previous week.

The US economy only reclaimed 9.3 million of its 22 million jobs between February and April.

The ongoing stream of layoffs is taking place against the backdrop of a modest recovery from a deep recession and a virus that continues to paralyze much of the economy.

Home construction, sales and car purchases have returned. But spending on travel, entertainment, and many other services remains weak. Small businesses are struggling and unemployment remains high at 10.2 percent.

An increasing number of people who lost their jobs during the pandemic say they view their loss as permanent.

New claims for state unemployment benefits rose to 1.1 million for the week ending Aug. 15, the Labor Department said Thursday. Above, you can see the unemployment workers at the Florida airport last week, as they demand that their employer hire workers again

New claims for state unemployment benefits rose to 1.1 million for the week ending Aug. 15, the Labor Department said Thursday. Above, you can see the unemployment workers at the Florida airport last week, as they demand that their employer hire workers again

New claims for state unemployment benefits rose to 1.1 million for the week ending Aug. 15, the Labor Department said Thursday. Above, you can see the unemployment workers at the Florida airport last week, as they demand that their employer hire workers again

An increasing number of people who lost their jobs during the pandemic say they view their loss as permanent. Above, you can see cars lining up to get into a Texas food bank last week

An increasing number of people who lost their jobs during the pandemic say they view their loss as permanent. Above, you can see cars lining up to get into a Texas food bank last week

An increasing number of people who lost their jobs during the pandemic say they view their loss as permanent. Above, you can see cars lining up to get into a Texas food bank last week

The recipients who are continuously unemployed now receive far less aid because a federal benefit of $ 600 per week has passed, meaning that the unemployed now have to make ends meet only on much smaller aid from their countries.

The loss of federal benefits has deepened the struggles for many, including a higher risk of eviction from their homes.

The additional $ 600 per week unemployment benefit provided by the federal government was due to expire on July 31.

Although President Donald Trump has signed an executive order that includes a provision extending the surcharge at a reduced rate of $ 400 per week, there is confusion about its implementation.

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