Unemployment Rate Rising & The Economy

By Lynx Financials
unemployment, Unemployment Rate Rising & The Economy, Lynx Financials, LLC, Lynx Financials, LLC

Filing for unemployment can be scary. As many of us know, a lot of companies that cannot afford to keep their employees on payroll since corona virus got classified as a pandemic. The world went into hiding, and as a result, many businesses started to suffer and are hemorrhaging money. There have been many things the U.S government have done to help both businesses and their employees. The Paycheck Protection Program was designed to help keep employees on payroll by giving a loan to small businesses. The loan is forgivable if they use it to keep their employees on payroll. Rapid loans services are available and are designed to have money deposited in their bank account by the next day.

This morning, the U.S Department of Labor announced that 3.2 million people filed for unemployment last week. This brings the total number of unemployment to an astonishing 33.5 million. This averages out to about 1 in 5 people filing for the first time since March.

This is a pandemic of its own, as people struggle to find financial stability. The economy is suffering as a result of people not spending money. When people lost their jobs and filed for unemployment, they naturally stop spending as much. This hurts the small businesses everywhere and forces an economic meltdown. We highly encourage those who have their jobs still, to try and support your local businesses as much as possible in order to keep the economy afloat.

Click here to see more unemployment stats.