Transcript
Dozens of economists say there is no need to worry about an upcoming recession.
They say the US is already in a recession and they believe we will stay in one for the first half of the year.
Of course they point to the coronavirus pandemic as the reason, which has resulted in a spike in unemployment.
According to the U.S. Labor Department, another 6.6 million people filed for unemployment benefits last week.
It was the second largest number of initial unemployment claims in history.
Altogether about 16.8 million American workers have filed for unemployment benefits since the virus outbreak forced businesses to shut down or furlough employees.
Here’s another way to put the 16.8 million number in perspective: it’s as if the entire adult population of Michigan, Wisconsin and Minnesota applied for unemployment insurance in the last three weeks.
However economists are optimistic that things will bounce back in the second half of the year.
But they point out that it may require assistance from another federal stimulus package.
Posted – 4.10.20