Silver Lining: Nearly 80% of Unemployed Say Layoff Is Just Temporary

Silver Lining: Nearly 80% of Unemployed Say Layoff Is Just Temporary

Silver Lining: Nearly 80% of Unemployed Say Layoff Is Just Temporary

The overwhelming majority of Americans who lost their jobs in April say they have only been temporarily laid off or furloughed.

The government’s report on employment for April showed a loss of 20.5 million nonfarm jobs and unemployment rose to 14.7 percent, both record highs.

Out of the around 20.6 million Americans who lost their jobs in April, nearly 18 million say they have only been temporarily laid off. Just 2 million said they believe their layoff is permanent. That’s 78.3 percent of the newly jobless who say they expect to get their job back.

Typically, most workers describe their job loss as permanent. In January, 2.6 million people reported losing a job and just 742,000 described the loss of temporary, a 12.6 percent expected return rate.

The headline figure of job losses is taken from the government’s “establishment” survey. It is a net figure that includes both jobs eliminated and jobs added. It can differ from the total number of people losing jobs for the month, which comes from a survey of households. This month the establishment survey had total employment contracting by 20.5 and the household survey had 20.6 million losing jobs on a seasonally adjusted basis.

The high number of the newly unemployed who expect to be rehired could provide additional support for the economy. People who consider their own joblessness only temporary and have access to unemployment benefits are more likely to maintain higher levels of economic activity and consumer spending that those who see the loss of their job as permanent. That’s even more true now that the federal government is bolstering unemployment benefits so that many workers will see little or no income loss despite being laid off–and some will actually be paid more while unemployed.

That spending will likely support the incomes of still-employed workers and help keep businesses from failing, which would keep job losses lower than they otherwise would have been.

Read More

Share:

Share on facebook
Share on twitter
Share on linkedin

More News

***Live Updates*** George Floyd Protests Continue

***Live Updates*** George Floyd Protests Continue

George Floyd Protests Continue on Saturday. Stay tuned to Breitbart News for live updates. All times eastern. — 7:59 PM: Paul Ryan and John Boehner won’t say if they’ll vote for Trump in November. George W. Bush has already decided he won’t support him, say those familiar with his thinking. https://t.co/V7wUZB9kLS — Aman Batheja (@amanbatheja) June… … Read More

Mayor Frey Asks Trump for Help After Rioters Cause Millions in Damage

Mayor Frey Asks Trump for Help After Rioters Cause Millions in Damage

Mayor Jacob Frey (D) is seeking federal aid to help Minneapolis recover from the protests and riots that have wrecked the area. “With at least $55 million in estimated damage and far more to come, Minneapolis will need state and federal aid as it attempts to rebuild hundreds of structures after the riots following George… … Read More

Bernie Sanders’ Adviser: D-Day Largest Antifa Operation in History

Bernie Sanders’ Adviser: D-Day Largest Antifa Operation in History

Matt Duss, foreign policy adviser to Sen. Bernie Sanders (I-VT), commemorated the 76th anniversary of D-Day by describing it as the “largest Antifa operation in history.” Duss seemingly attempted to legitimize Antifa, the so-called anti-fascist group behind much of the political violence erupting at protests across U.S. cities, by equating it to the courageous Allied… … Read More

FOLLOW

© Copyright 2021 | American Priority | Privacy Policy | Cookie Policy