Last week's unemployment data indicated people were returning to work for the first time since the start of the coronavirus pandemic. The trend did not continue, according to this week's report.
Economist Austan Goolsbee breaks down COVID-19 related unemployment. Since the beginning of 2020 unemployment has more than quadrupled. By the end of summer, unemployment could spike even more. Other countries economies are coming back, how can we learn from them?pandemic, last week's unemployment data indicated that people were returning to work. However, the trend did not continue according to this week's report -- leaving economists wary to say the U.S.
A sign board with precautions is kept in front of a restaurant as people eat sitting outside on Fort Lauderdale Beach Boulevard in Fort Lauderdale, Fla., May 18, 2020. "If you look specifically at last week, it was driven by a very big drop in California, New York, which are two of the largest states," said Meyer.In addition to Meyer's cautious optimism, the speed in which continuing claims drop -- indicating how quickly people are returning to work -- remains to be seen.
A sign asking guests to practice social distancing is posted outside a locker area at Cowabunga Bay Water Park, which was allowed to open for the first time this weekend because of the coronavirus pandemic on May 30, 2020 in Henderson, Nev."There's lots of parts of our economy that depend on discretionary spending," added Stettner, noting that the job market would recover at different speeds across the country.
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