Newsbrief: Unemployment Rises Alongside Covid19 Cases

by Patrick McDonough

With the rising number of corona virus cases in the United States, more people are told to stay home and are being laid off from work.

Market Watch reports, “The number of Americans who applied for unemployment benefits last week soared by a record 6.6 million…”.

Unemployment Rates from 1970 to 2020 (Source: MarketWatch)

NBC news reported an estimation on potential unemployment rates, “Economists at the Fed’s St. Louis district project total employment reductions of 47 million, which would translate to a 32.1 percent unemployment rate…”. Unemployment rates have not reached that high since the 1930s during the great depression.

With the sudden and extreme increase in unemployment claims the NY Times reports, “State unemployment offices have also been overwhelmed, and it’s likely that some people have tried to claim benefits but are not yet counted officially because of processing delays.” This is leading many to have trouble actually receiving their unemployment checks that they will need in the coming weeks without work.

Thank you for reading! I hope everything returns to normal soon. Remember that everything you do impacts how this whole nightmare plays out. Stay home and stay healthy! – Patrick McDonough