Quote from Savings Beagle on May 15, 2020, 3:26 pm

Since coronavirus began affecting the U.S. economy, approximately 36 million Americans have filed for unemployment benefits.

The good news is the weekly filing numbers have been decreasing as the weeks progress.  Last week the U.S. saw a bit over 2.5 million new filings, the lowest amount since the March 28 peak.

And, continuing claims are averaging around 20 million.  It's amazing we might consider 20 million Americans out of work in any kind of positive light, but it's a lot better than having that number continue an upward climb.

It appears the initial virus-related job losses are leveling off.

Now we have to worry about the economic-related job losses, the result of the government-mandated shutdowns, that may begin in the coming months.

I hope we don't see any, but the likelihood of that is small.

Many businesses have sustained significant damage both from having to shut their doors for a period of weeks/months and the psychological challenges customers have had and probably will have with regard to returning to normal consumer-related practices that are vital for business operation.

And then, of course, there's the cascading effect...if a business isn't able to remain open, all employees and owners are out of work.  Spending by those individuals will be reduced, putting pressure on other businesses that would have benefited from their economic activity...and so on, and so on, and so on.

The slowdown can easily spread, just like the virus, resulting in more and more furloughs, layoffs and closures.

Obviously, the federal government has and will continue to step in to minimize the economic hit for individuals, business and the economy.  Will it be enough is the question?

As we move through summer and into the fall, I'm sure the question will be answered.

This will be my last unemployment post.  It's too discouraging.  And with things leveling off...at least for now...there's no reason to continue highlighting the weekly filings.

Just know, there are plenty of individuals facing challenging times right now.  Government benefits, unless continued by legislative action, will end sometime over the summer.  It's very doubtful employment opportunities will be plentiful when they do.  So the pain for those without a job will become significant.

We'll continue providing information on big picture help that's available.  Whatever you can provide, no matter how small, will help, too.