Kevin Hasset, White House Economic Advisor stated on Sunday, May 24, 2020 during an interview on CNN, “that unemployment rates could exceed 20% in the coming months as the country still suffers from the CoV2 pandemic.
According to the Bureau of Labor Statistics, unemployment claims rose in every state and the District of Columbia. The agency is currently reporting a national unemployment rate of 14.7% based on April’s jobless rates. however the numbers published are expected to be higher due to data collection errors and misclassification.
Local impact. According to BLS.org, Pennylvania lost about about 130, 000 jobs in just one month as a response to Governor’s Wolf’s mandatory closing of non-essential workers. We are still awaiting a breakdown for Philadelphia and surrounding suburban counties numbers that will be published on June 3, 2020.
Future Outlook – Hasset’s anticipates a further increase, up to 20%, for May and June as Americans are still filing initial claims. He is hopeful that as nonessential businesses reopen that the unemployment rate will begin to decrease in July, but still anticipates double digit numbers through the 4Q 2020.