Unforeseen COVID Damage

Unforeseen COVID Damage

(AmericanProsperity.com) – The weekly jobless claims for last week rose to 281,000 — the highest number since September 2, 2017. That’s a significant rise from 211,000 the previous week as new claims come in from those who’ve lost a job related to the coronavirus pandemic. Most layoffs were reported to be in service-related industries such as hospitality, food services, transportation, and warehousing.

The weekly report came in just as companies have started announcing layoffs related to COVID-19. Next week’s numbers are expected to be significantly larger as they’ll include numbers through this Saturday.

MUFG Union Bank Chief Financial Economist Chris Rupkey is warning that the restaurant industry alone could let go of five to seven million workers over the coming months.

Marriott International has already signaled its intent to lay off tens of thousands of employees. Manufacturing is expected to see a hit as well. Harley-Davidson has suspended production at its US plants.

The jobless report comes out as Congress and the Trump Administration negotiate a stimulus bill that could provide direct cash assistance to every American.

~Here’s to Your Prosperity!

Copyright 2020, AmericanProsperity.com