Weekly unemployment figures came out again yesterday. They revealed that another 840,000 people filed for unemployment.
JUST IN: Another 840,000 Americans filed for unemployment insurance last week, according to the latest report from the U.S. Department of Labor. https://t.co/F2QCXDmwSZ
— ABC News (@ABC) October 8, 2020
The economy is fundamentally broken. Another round of stimulus and bailouts is not going to fix this. Not when entire industries that employed millions of people have been left broken because the government closed the economy for months over fears that people would spread a mild flu virus. Numerous state economies are only partially reopen. There are also places like in New York City where new restrictions have been imposed. You can’t have any sort of meaningful recovery in such an environment.
So based on this, we can expect high levels of unemployment claims continue to be filed for awhile. Especially considering all the mass layoffs that were announced by companies over the past several weeks.
