GRAND RAPIDS, Mich. — According to the US Bureau of Labor Statistics, Michigan is behind only Nevada for the highest unemployment rate in the country. The report, from late last month, shows Michigan's unemployment sits at nearly 23 percent. That number is staggering and has many people making comparisons to the Great Depression.
13 ON YOUR SIDE spoke with WalletHub senior analyst Jill Gonzalez about how this unemployment crisis compares to that one.
"The coronavirus pandemic will not be as bad for jobs as the Great Depression was because the job losses now appear to be more temporary. Most workers who were laid off expect to eventually be rehired, as the Bureau of Labor Statistics reported an increase of 16.2 million 'temporary' job losses in April compared to 544,000 'permanent' losses. Although the unemployment rate is currently at the highest level since the Great Depression, we don't expect it to surpass that historic mark," said Gonzalez.
"The U.S. will eventually reopen fully, and we are already starting to see some progress in vaccine research. A full reopening combined with a vaccine will provide the economic and public health boost we need to get back on track."
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- Debate in Congress over $600 jobless aid to intensify as claims rise
- Nearly 41 million workers filed for unemployment since coronavirus hit
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