According to some terrifying new data, approximatley half of all jobs lost during the initial phases of the coronavirus lockdowns will likely never return.
As USA Today reports:
The COVID-19 outbreak has clearly done a number of the U.S. economy, plunging it deep into a recession and sending unemployment levels skyrocketing. In fact, jobless claims reached a record high in April, and while things improved slightly in May and June, new restrictions could send the unemployment rate even higher in the coming months…
Of course, everyone wants the current unemployment crisis to be temporary. But new data reveals that a frightening number of jobless Americans may not, in fact, have a role to return to once the pandemic ends.
In April, 78% of those in households experiencing job loss felt that that situation would be temporarily. But now, 47% think that job loss is likely to be permanent, according to The Associated Press-NORC Center for Public Affairs Research. All told, roughly 10 million workers might need to find a new employer after the pandemic wraps up, and some might need to switch gears and find a new profession altogether.
If the data pans out in the long run, the US economy may see an unprecedented economic depression the effects of which may be felt for generations.