Charlotte, NC – Just over 2.4 million Americans have filed unemployment in the past week. This matches the estimates that forecasters had given of 2.4 million. It highlights how job losses continue against the stay orders across the country.
The nine-week total of job losses now amounts to 39 million, the highest level of unemployment since the Great Depression. But among all of the negative information, there are some positives.
While the claims are high, Fox News reports it is continuing to decline week after week at this point. It’s a sign that the significant purge of jobs is slowing. Some states, like Georgia, saw declines in unemployment rates due to reopening plans.
As states continue to make moves to reopen, the expectation is for the unemployment rates to fall to a point. As people return to work, the need for continued unemployment should ease. Many jobs may not recover, however.
Multiple retail outlets, manufacturers, and restaurants have already filed for bankruptcy. While some have promised reorganization, many others have closed locations permanently. The exact total of unemployment due to these closures has not been determined.
Encouraging signs of some economic recovery exist as well. The Dow continues to rise as investors concerns are eased. The oil industry has rebounded. Some reports out of manufacturing and distribution show that the demand is increasing, forcing expanded hours and services.
While the final toll the stay orders will take on our economy is still to be determined, there is a need to get the economy open as quickly and safely as possible. There is an economic recovery on the horizon.
Stay tuned to The Liberty Loft for the latest updates on the economy and coronavirus recovery. If you enjoy what you read at The Liberty Loft, consider donating to support us! Find out more on our website.
