Unemployment remains at historic highs even as fiscal stimulus allows businesses to rehire

 

America’s Recovery Fund Coalition (ARFC) issued the following statement after the release of the June jobs report. While the report showed gains in the U.S. job market, total unemployment remains alarmingly high at 18 percent.

“Since March, over 48 million Americans have filed for unemployment, and even with the 4.8 million jobs restored last month, there is a substantial gap between where the American economy was, where it is, and where it needs to be,” said Trevor Hanger, research director for ARFC. “There is still a long way to go to put the economy back on its feet. As states across the country hit ‘pause’ on reopening due to rapid increases in COVID-19 cases, it is clear Congress will need to do more if Main Street businesses are going to survive.”

Background:

  • Over 31 million Americans have filed an initial claim in the last 15 weeks, and over 19 million are filing continuing claims.
  • At this time, 11 percent of Americans are currently unemployed with no hope of being rehired.
  • Credit card purchases and foot traffic to businesses in states that have reopened have plateaued, suggesting the continued threat posed by COVID-19 and the surges in cases are holding the economy back from a full recovery.