Unemployment surged to 14.7% in April as the US lost a record 20.5 million jobs
The Federal Reserve has also already gone beyond the playbook in deployed during the last recession, allocating trillions of dollars to help state and local governments and businesses across the country. The central bank has vowed to continue its stance to do whatever it takes to protect the economy. Despite these immense efforts, the labor market has still taken an extreme hit amid staggering layoffs vastly reduced hiring.
Even though there are industries that are still hiring, such as grocery stores and warehouses, the health crisis has kept some would-be job seekers on the sidelines. "For the past month I've more or less been dealing with my own anxiety," he said. "I haven't quite launched into preparing for the future."Nancy Davis has a pristine track record of calling recent market meltdowns. She outlines a new bubble that's building in the bond market — and offers 3 strategies for taking advantage.
"But, there are going to be some people that don't fall into any of the categories that will be captured by U-6, even though they're technically unemployed," he said. There are people who are ready to go back to work. As state economies begin to slowly reopen, businesses should bring workers back and hopefully resume hiring, bringing even more people back into the labor market.
Still, reopening the economy is likely to be slow and careful, and there's a lot of uncertainty about when the US will return to normal — or if returning to a pre-coronavirus world is even possible.
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