PHILADELPHIA (KYW Newsradio) — U.S. jobless claims are at the highest point in history, and Pennsylvania and New Jersey are among the worst off. Despite claimants being frustrated by lag time and busy phone lines, one economist says the state is setting a standard.
"This is unprecedented. It's off the charts. Not seen anything like it," said Mark Zandi, chief economist at Moody's Analytics, based in West Chester.
Across the country, 1 out of 10 workers has have filed for unemployment.
However, Zandi says even though Pennsylvania has no more staff than before the pandemic, the state's unemployment office has processed more than half of those claims in just a few weeks.
"Pennsylvania has been good in processing claims. As you can imagine, with the millions of people, tens of millions of people needing help, unemployment offices across the country have been inundated. And they haven't been able to process the claims quickly," Zandi said. "Similar problems here in Pennsylvania, but they have been actually quite good, above the standards of everyone else, and have done an excellent job of processing the claims they have been getting. So they deserve a lot of credit for that."
But those who need the help are frustrated. Some of them are in dire situations.
Zandi says it's important to be patient.
"If they are having trouble getting help, they should remain persistent, because I think lawmakers really want to help you, and they really expanded eligibility here, and they increased the benefits quite significantly. So it will be worth your while, so don't give up," he said.
"I am sure you will get satisfaction because this is one of the key ways that people who are losing their jobs are going to be helped out."
But Zandi says within the next year the economy will begin to bounce back. It really depends on how long it takes to get the virus under control.
"We'll get on the other side of the virus, and businesses will reopen," he said. "And hopefully we will get a medical solution to the virus. Hopefully a vaccine, or certainly a treatment. And once that happens, we will kick back into gear and we will be just fine."
There will be "a lot of financial pain and suffering between now and then," he said, but looking out two to four years from now, we should see the economy back up and running again at full strength.
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Each day, KYW Newsradio's Kristen Johanson will answer your questions about unemployment and the stimulus package. Like us on Facebook and send a message; tweet at us at @KYWNewsradio; or email us a question.
