Quote from Savings Beagle on April 2, 2020, 3:47 pm

Wow.

The U.S. unemployment numbers were released this morning and the news wasn't good.  Approximately 6.6 million Americans filed for unemployment benefits this past week.

Couple that number with the roughly 3.3 million claims that were filed last week and you have 10 million Americans now out of work.

That's hard to fathom.

Especially in such a short period of time.

The U.S. economy has taken a mighty body blow from the coronavirus and the efforts taken by local and state governments, as well as the federal government, to mitigate its spread.

The only positive spin to put on this situation is that the horrific unemployment numbers are not a result of your typical economic downturn.

They're a direct result of government-mandated closures and lock-downs.

The negative side, though, is that even though the general economic situation was positive before this "sudden stop" (a term used by Mohamed El-Erian) the results of this significant drawdown of economic activity could very well lead to a typical economic downturn...or worse...the longer the economy is held back.

Yes, the government is doing everything it can to make as many Americans "whole" during this period...as they must since it's primarily a result of government actions....but how effective those actions will really be will take a bit of time to tell.  And for those 10 million unemployed - and I'm sure the number is more than that considering the reports of people not being able to actually file for unemployment benefits due to the overburdened systems - bills are coming due.

Luckily, most businesses are doing what they can to help those in need.

Check our post "Coronavirus Related Changes, Offers and Deals" if you or someone you know needs help.  We cover the basics of what help is available from the federal government, as well as businesses such as utilities and telecommunications companies.

The only positive from this whole coronavirus mess is that few of us are left untouched.  

Whether it's illness, unemployment, or the trivial upending of our normal routines, we all are getting hit by this crisis.

And, unfortunately, it's likely to get worse before things get better - both from an economic and health standpoint.

But, because we're all affected, compassion for what others are going through is more prevalent.  To keep this going, let's all do our best to band together to do whatever we can to make the situation more tolerable for friends, family and strangers, as we move forward through this difficult time.

Stay safe.  And stay healthy.