Second US Joblessness Wave Underway
Updated: Jan 27
Azimuth Research Partner RIWI Corp worked with Cornel University and others to uncover a new wave of joblessness underway in the US as a result of COVID-19.
According to Baystreet, "a substantial amount of individuals reported as 'employed' in May and June [of 2020] in fact reflected those put back on payroll due to the U.S. Government’s Paycheck Protection Program. According to the data collected by RIWI, many of these individuals are now at high risk of being laid off or laid off for a second time.
"The data also shows that the re-layoff problem is actually worse in non-COVID surge states, which suggests the re-layoff problem is reflective of overall economic conditions in the U.S. rather than the resurgence of COVID. This implies that the U.S. economic recession is much deeper than current jobs data is reporting."