The United States Department Of Labor today reported that the number of those filing for unemployment last week rose back up after falling below 1 million in last week’s report to 1,106,000, increasing by 135,000, and 56 million without jobs in over 21 weeks since COVID19 started back in March.
Though unemployment for the week is back up, the rate of those with insured unemployment ticked down to 10.2 percent, falling 0.4 percent from last week, which leads to the amount of those receiving unemployment to be lower also, much lower, falling to 14,844,000 after falling to 17 million a couple weeks ago, in turn from hovering at 20 million for weeks early, and in the middle of the pandemic.
In spite of lockdowns ending weeks ago and grocery stores being the only thing open, consumer spending as a given at this point has not recovered to levels before COVID19, and it varies in all parts of the country depending on COVID19 cases and fears of getting the virus.
Temporary norms created in COVID19 could be the new norm or an inevitable reckoning long delayed even before the pandemic, and now’s the time to say goodbye to status quo.
Daniel Quintanilla
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