Jon Clark, Clark Energy Consulting, discusses the recent spike in employment and how the trickle down economic ecosystem traditionally operates.
As coronavirus hits the U.S. economy, a record 6.6 million workers applied for unemployment benefits last week, according to the Department of Labor, nearly five times the previous record high.
Analysts expect the number to rise further as the pandemic protracts, leaving businesses closed, unemployment systems overloaded, and claims still unprocessed.
“Millions of U.S. businesses have announced layoffs or furloughs as their cash flows dry up. Several state and local authorities have ordered nonessential businesses to close in response to the pandemic, bringing the great American job machine to a sudden halt.” According to the Wall Street Journal.
As “Stay-at-Home” orders remain in place across the globe, all industries are being affected. We are in a world of unprecedented times. But the good news is we’re all in this together.
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