[Rushtalk] 'San Diego Unemployment Rate Nearly 27%, Breaking County Record Set During Great Depression']
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Wed May 20 14:47:38 MDT 2020
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San Diego Unemployment Rate Nearly 27%, Breaking County Record Set
During Great Depression
Profile picture for user Tyler Durden by Tyler Durden Fri, 05/08/2020 -
22:25 Twitter Facebook Reddit Email Print
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.
San Diego residents line up for emergency food distribution at SDCCU
Stadium, April 5, 2020 (Photo: Brian Doll / Swinerton Renewable Energy)
"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?
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