The United States Department of Labor released more substantial grim numbers about unemployment, 2,438,000 more claims were filed for people who are out of a job, the fact that 501,000 less claims were filed from last report doesn’t help the staggering number of over 39 million unemployed thanks to COVID19 in over 9 weeks.
Adding to that 40 million unemployment number, only 25,073,000 are receiving insured employment benefits, with 15 million yet to collect on unemployment benefits out of the 40 million so far, due to state unemployment offices being severely backed up with claims they’ve yet to process, which will lead to more large unemployment numbers weekly nationwide.
The Congressional Budget Office reported Wednesday that real output with the economy is projected to be 1.6 percent lower at the fourth quarter of 2021 than at the fourth quarter of 2019, and economy recovery to pre-COVID19 levels won’t be seen for at least 2 years.
Small businesses closing up shop if pivoting to a virtual model is not an option, but those businesses that are hanging by a thread must communicate with those they need to get help from in order to survive.
And if there’s going to be any type of speed to rise above these unemployment and economic numbers, then we must do whatever possible to fight against this pandemic.