Charlotte, N.C. – The latest statistics out of Washington, D.C. continue to show unemployment on the rise. In the past week, an additional 3.8 million Americans filed for unemployment. This latest report comes from the Department of Labor showing that our economy is still struggling.
Unemployment Insurance Weekly Claims
Initial claims were 3,839,000 for the week ending 4/25 (-603,000).
Insured unemployment was 17,992,000 for the week ending 4/18 (+2,174,000).https://t.co/ys7Eg5LKAW
— U.S. Department of Labor (@USDOL) April 30, 2020
The AP reports that this now equates to over 30 million Americans who are out of work due to coronavirus. It equates to 1 in 6 Americans being out of work. For the record, all of those recently unemployed are due to a state government forced shut downs.
As the shut downs continue, the economy continues to struggle. The economy shrank at over a 4% rate in the first quarter. The second quarter will not be better either. But many suggest there may be a light at the end of the tunnel.
JD Kushner recently predicted that the country will be back to normal by June. Many states have already begun to implement measures to reopen.
With millions of Americans still struggling, can Americans wait until June? Millions of Americans have still yet to receive their first round of economic stimulus. Others are still waiting for unemployment funds.
Congress has started having discussions about additional measures, but serious conversations have yet to happen. President Trump has suggested he supports a payroll tax break as an additional measure. Will that help with so many out of work?
The economy is expected to open slowly and start to recover. But there are disagreements to how quickly it will recover. Many experts have suggested it could take well into the fall, when another potential round of coronavirus is being predicted.