Why coronavirus jobs crisis isn’t as bad as it may seem
There is nothing good in those numbers — until you regain your senses and look at the situation objectively.
Why? Because many of the people who filed for unemployment benefits haven’t really been laid off. What their companies did was “furlough” them...
“If you look very deeply in the Bureau of Labor footnotes, you’ll find this: “the number of unemployed people who reported being on temporary layoff more than doubled in March to 1.8 million.”
“This 1 million gain represented the bulk of the increase in unemployment,” the US Labor Department said. The number of people who said they’ve lost their jobs permanently only increased to 1.5 million.”
https://nypost.com/2020/04/16/coronavirus-jobs-crisis-not-as-bad-as-it-may-seem/
Re:742 - Thanks for posting this!
From the article:
“Don’t get me wrong. America isn’t likely to come out of this pandemic with as many jobs as it had before the virus shuttered the economy. But things aren’t going to be as bleak as the experts are predicting either.”
I think this is a reasonable statement. Some areas will recover pretty well - other areas will not. Depends on the local economy, what were major revenue drivers for the economy, etc.