With the worst jobs report in history under our belt, which saw a record 20.5 million jobs lost in April, and the stated unemployment rate at 14.7%, some cities have been hit worse than others by the economic fallout from the pandemic.
To wit, after steadily increasing 2-3% every week for the past two months, the unemployment rate in San Diego county is at an all-time high of just under 27% - exceeding the previous record from 1933 set during the Great Depression, according to a report by the San Diego Association of Governments (SANDAG).
According to the data, 35,000 people filed for unemployment insurance during the week of April 18, bringing to total number to just under 400,000 in the county, reports San Diego's Fox5. And let's not forget San Diego's hourly workers who have seen their shifts cut as businesses struggle to stay afloat.
"It’s absolutely astounding, and this has never happened in the history of before to have this type of unemployment this quickly," said SANDAG Chief Economist Ray Major, who added: "We will end up going into a recession because of this and so the housing sector may be hurt. You may be able to buy an automobile more cheaply but that’s because there aren’t as many people out there trying to buy automobiles."
Major says certain industries like retail and biotech companies will come back quickly. He says it’s those working in the restaurant and hospitality industries that will take a longer time to get back to normal. Major says it could be anywhere from 18 months to two years. -Fox5
On Friday, White House economic adviser Larry Kudlow said that 75% of those who have filed for unemployment are 'temporary layoffs.'
On what scale?