Unemployment Up, Consumer Spending Down

Another 3.8 million Americans filed for unemployment last week.

While the pace of unemployment filings has slowed since its peak in late March, the number of workers who have lost their jobs in recent weeks now tops 30 million, as the number soars to historic rates.

State labor departments have been overwhelmed by the rush of people seeking unemployment benefits. Some jobless workers have been unable to apply for benefits, so the number of unemployed could be higher than the weekly figures suggest.

Consumer spending by Americans plunged 7.5 percent in March, the new Commerce Department report shows, as the growing impact of the coronavirus pandemic, coupled with stay-at-home orders, has kept shoppers restricting, redirecting or even canceling their spending. The decline is the greatest since January 1987.

As the Lord Leads, Pray with Us…

  • For the more than 30 million Americans who are out of work and for those whose unemployment claims have not yet been processed or been denied.
  • For America’s businesses who are desperate to reopen, but still might not survive restricted shopping numbers or programs.
  • For a downward trend in the COVID-19 case numbers.

Sources: Market Watch, Axios


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