Over the last three weeks, 745,000 Texans have applied for unemployment benefits. That represents about 5.7% of the Texas workforce. That is more than applied in all of 2019. During the 2008-09 recession, the highest number of applicants in one week was 55,000. This current recession is on the way to setting records. Let us hope it will also set a record for shortest recession.
These numbers suggest the unemployment rate will rise to a level not seen since the Great Depression. One economist suggests a rate of 25% is possible.The CARES Act passed in March allows an extra $600 per week in benefits. That extra amount should start showing up next week, says Ed Serna, the TWC Director. See San Antonio Express News report.