Poof! Another 5.2 million jobs are GONE.
That brings the total job losses to 23 million – in just four weeks.
The American economy has never experienced a catastrophic shock this quickly. Even during the Great Depression, it took years to experience these levels of job losses.
The economy must be rebuilt. And that’s why a new $2 TRILLION stimulus bill is being discussed in Washington, D.C.
5G is at the top of the list of spending priorities. And it’s sparking a “gold rush” for this technology sector.
Last week’s job losses were 1.4 million BELOW the prior week. Yet the number was still ahead of estimates calling for 5 million new claims.
The U.S. Bureau of Labor Statistics shows an unemployment rate of 4.4% in March. And that was a huge jump from 3.5% in February.
The below chart shows the unemployment rate through March.
Yet we know that the unemployment rate is now far above 4.4%.
There are 157 million workers in America.
That means the unemployment rate is around 16% – 17% today!
During the Great Recession of 2007 – 2009 the unemployment rate topped out at just over 10%.
By the end of the month, the number will certainly be much higher. Unemployment could approach 20%. That rate would put America near the levels seen during the Great Depression in 1933.
The only silver lining is that the rate of unemployment claims appears to be falling. States across the country reported fewer claims last week than during the prior two weeks.
However, we can expect over one million weekly unemployment claims per week through the end of April.
America will need to rebuild from this economic crisis.
Of course, many millions of Americans will return to their previous employers. Yet many companies will not bounce back from this shutdown. And some companies will re-open with a smaller workforce than before the pandemic.
That’s why Congress and the president should pass an aggressive and sweeping economic stimulus package focused on infrastructure.
Trump has requested a $2 trillion to build out America’s infrastructure.
Democrats appear to be onboard for at least $700 billion. And Republicans support the president with a potential $2 trillion bill.
The rollout of 5G is one of the top priorities for a new infrastructure bill. 5G could create millions of new jobs in America. Plus, it could bring 100x faster wireless internet to every American.
Yours in Health & Wealth,