While we wait for the second stimulus, know the Downfall of the USA labor market, 2020

July 27, 2020: As the discussion finalization on the second stimulus is today early morning. Here are some points to go through and understand the ground truth of the labor market in the United States. The pandemic has forced companies to draw back their expansion plans, there were layoffs not because the company could not handle the expense, but few companies will never re-open again.

30million is the number of people who are still unemployed in the United States who have filled the unemployment insurance across the country. It is said, there are more who have not filed the insurance yet.

$600 is the unemployment supplement given from March and will expire this week. The Republicans are still not convinced to continue the benefit till later this year. Some people opted not to work to get the benefit, and this may be de-motivating people returning to work.

1.4 million in the last week’s number for temporary unemployment fillings. The previous week number has surpassed that was 1.3 million

6.9 million is the highest every number claim for one week from late March. The numbers represent the people who have claimed for the unemployment benefit last week.

4.1 million people lost their job during the first and second weeks of July. The highest number for the three months.

78% of the people said they would get the job back when surveyed in April. The recent surveys reveal 47% of the people say they would never get a call back for the job.

11.1% is the unemployment rate in the United States as per July that is less than 14.7% in April but higher than the highest unemployment rate of the country from the last many years.

While we wait for the second stimulus announcement and, the benefit we have to know the facts behind the labor market as well.

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