Sunday, October 4, 2020

Recent Long-Term Unemployment and its Rising Risk to the Economy

    

  Many people's jobs have been effected by the COVID-19 virus. People around the world have been laid off or put on paid/unpaid leave. For the September term, there has been a jump in workers claiming to be permanently laid off or unemployed. Millions of workers across the globe have gotten their jobs back and for those who didn't there may be trouble. Those who didn't may endure some of the unfortunate situations that were endured during the 2007-2009 recession like prolonged unemployment and major income loss. According to the Wall Street Journal, "In April, the most severe month for job loss in the current downturn, 88% of those who recently lost jobs reported their layoff as temporary, meaning they expected to return to the same role within six months, according to the Labor Department. In September, the share of such optimists fell to 51%, Friday’s jobs report showed." In April, 2 million workers classified themselves as permanent job losers, that has rose to 3.8 million workers in September.

1) https://www.wsj.com/articles/long-term-unemployment-poses-rising-risk-to-the-economy-11601652449

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