Economy Still Struggling to Rebuild Job Market

According to WILX, the number of laid off Americans applying for unemployment benefits fell to a still elevated 881,000 last week.

The sad truth here is that the coronavirus pandemic is responsible for so many businesses closing down and for so many lost jobs.

In fact, just this week, a well known restaurant at Eastwood Towne Center announced the closing of their business because they just couldn't make ends meet.

And if we take a look at the latest figures released by the Labor Department, the economy is still struggling to sustain a recovery and rebuild a job market that was devastated by the recession.

"The government said that 13.3 million people are continuing to receive traditional jobless benefits, up from 1.7 million a year ago." (WILX)

The nearly 1 million people who keep applying for unemployment aid each week point to a rough pace of improvement.

Even my daughter is collecting unemployment these days because her place of employment shut down back in March.

So many people are going through the same situation as my daughter and all anyone can do is file for unemployment and hope for the best.

According to WILX," a wave of layoff announcements by major companies has heightened concerns that many job losses will end up being permanent. Ford is offering buyouts to try to shrink its U.S. white collar workforce by 1,400."

Even if you take a look at air travel, United and American airlines said they will cut thousands of jobs unless the government provides additional aid to help cover payroll costs.