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During the week that ended on August 1, 1.2 million people filed for regular unemployment insurance, continuing a devastating trend in the labor market. Since March 15, 55 million individuals have filed a claim.
To date, the Paycheck Protection Program (PPP) has disbursed over $500 billion in loans to 5 million businesses, making it the largest component of the U.S.’ legislative response to the coronavirus pandemic. But has it been effective?
The International Monetary Fund (IMF) estimates that real (inflation-adjusted) gross domestic product (GDP) in the United States will fall by 8 percent in 2020, according to the latest update to their World Economic Outlook report.
New economic growth statistics from the Bureau of Economic Analysis (BEA) confirm that the American economy continues to suffer historic damage during the coronavirus pandemic.
https://www.pgpf.org/blog/2020/07/second-quarter-gdp-drops-by-historic-rate
Beginning in mid-March 2020, the Federal Reserve initiated an aggressive policy of quantitative easing — which involves the purchase of government securities, corporate bonds, and other financial instruments — with the aim of keeping interest rates low and injecting cash into the economy.
Average income among households in the lowest fifth of the income distribution was $21,000, while income for households in the highest fifth averaged $291,000.
The outbreak of COVID-19 has become both a public health and an economic crisis. In particular, the closure of many businesses has resulted in an unprecedented surge in unemployment claims in the United States.
The unemployment rate in June 2020 was 11.1 percent, which represents 18 million people unemployed out of a civilian labor force of 160 million individuals.
https://www.pgpf.org/blog/2020/07/four-key-takeaways-from-the-unemployment-data
It’s going to take at least a decade for the labor market to recover from the coronavirus (COVID-19) pandemic, according to the latest data from the Congressional Budget Office (CBO).
While this month’s data show another welcome move in the right direction, our unemployment rate remains historically high.