Nearly 60 million Americans have filed for unemployment since March
September 4, 2020 – America’s Recovery Fund Coalition (ARFC) issued the following statement after the release of the August jobs report. While the report showed gains in the U.S. job market, total unemployment remains alarmingly high at 14.2 percent.
“August marks the third month of declining job gains since a spike in May that was driven partially by an influx of liquidity for businesses and individuals in CARES,” said Trevor Hanger, research director for ARFC. “Since then, hiring has slowed significantly, from nearly 5 million jobs in May to 1.4 million jobs last month. But these numbers do not tell the full story and are essentially a net loss when you consider that more than 1.5 million filed new claims for unemployment in the first week of September alone. Since March, nearly 60 million Americans have filed for unemployment, and 46 million Americans have lost or spent their emergency savings.
“America’s Recovery Fund Coalition is extremely concerned that without further fiscal support from Congress, the economy will continue to limp along, temporary layoffs will become permanent ones, and businesses will continue to collapse. We urge all members of Congress to support the Small Business Comeback Act in the House and companion legislation in the Senate.”