The description at the beginning of the article stats that the total unemployment claims have surpassed over 26 million, and that number is still going to continue to grow in the coming weeks. This pandemic has taken away so much employment that it will most likely take many months and possibly years to recover from. This kind of unemployment has not been seen in a long time, and with many companies still worried about the possibility of the date being pushed back or there even may be a second outbreak that would rock every business and these numbers would grow tremendously. This has all happened so fast too that it is almost hard to even fathom what the impact is currently because it's changing every second and also is getting harder to predict. What point do you think the unemployment numbers will rise to? Also, how long do you think it will take the US and world economies to recover and get unemployment back around where it was?
Link to article: https://www.nytimes.com/2020/04/23/business/economy/unemployment-claims-coronavirus.html
3 comments:
While I do believe that unemployment will continue to rise over the next couple weeks, it will for sure begin to slow down in May. There still will be a very large unemployed population, but I think that this virus has been around for long enough at this point that most employers have probably already made a majority of the cuts they will make.
Unemployment will continue to rise until the whole situation is over. As we carry on, it will get harder and harder for businesses to stay open and more people will be put out of work. If the US were to reopen, there would only be another surge in cases and another shut down, causing even more problems then there currently are.
In my opinion, I believe that we will see a slight decline in the rate of unemployment over the next few months, but I believe that unemployment will remain relatively high throughout this period of time. This is because as the economy starts to reopen more people will rejoin the labor force, and this will lead to a decrease in the unemployment rate.
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