Unemployment fallout will continue years after COVID-19 pandemic, financial analyst predicts

6.6 million filed for new jobless claims last week

In the last three weeks, 10% of the country’s workforce filed for unemployment benefits, according to the Labor Department while Florida’s unemployment claims hit nearly 170,000 and those numbers sets the stage for what some experts predict will be a grim economic picture with long-lasting impact.

[CLICK HERE TO DOWNLOAD PAPER APPLICATION FOR UNEMPLOYMENT IN FLORIDA]

Thursday’s jobless claims report eclipsed expectations of 5 million as another 6.6 million people filed new claims for the week ending April 4.

The 3-week total for new unemployment benefits now stands at 16.8 million something some experts says is just the beginning.

“We’re going to have elevated unemployment for months and years,” financial analyst Greg McBride said.

McBride, the chief financial analyst with Bankrate.com, said the trickle down effect of the economic slowdown will deliver “widespread hardship.”

“Unfortunately this is a labor market setting records for all the wrong reasons, “ McBride said.

The Federal Reserve moved to counter the sluggish economy Thursday delivering a $2.3 trillion loan program for businesses and employees.

Critics argued the move will set the stage for future debt but McBride counters the need to shore up the economy takes precedence, “When the building is on fire you save the structure first you worry about the damage later."

Check back at ClickOrlando.com/MakeEndsMeet for the latest coronavirus financial news.

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About the Author

News 6’s Emmy Award-winning Investigative Reporter Mike Holfeld has made Central Florida history with major investigations that have led to new policies, legislative proposals and even -- state and national laws. If you have an issue or story idea, call Mike's office at 407-521-1322.

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