The Long Winter

Number of people filing for unemployment insurance hits 36.4 million and unemployment rate at highest level since the Great Depression

from My Budget 360

The economic situation continues to deteriorate as 36.4 million Americans have now filed for unemployment insurance in the last 8 weeks. This is a daunting number that is down right shocking given that only two months ago, we were near “full employment” and the stock market was near all-time highs. The number of people filing for unemployment insurance is startling and the pace at which we are losing jobs is distressing. For now, frontline jobs in hospitality, entertainment, and travel are taking big hits but you are now seeing secondary impacts in other industries like Uber, retail, and some tech companies that were not positioned well to deal with this crisis. It is becoming clear that this is going to be a long winter in terms of the economic fallout.

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