Coronavirus Has Not Hurt the Labor Market Yet
March 12, 2020
While the coronavirus has caused turmoil in the markets, there was some good news about its broader economic impact. The Labor Department has reported that claims for unemployment benefits fell by 4,000 last week, the same amount that they fell the week before.
Unemployment claims are a good proxy for layoffs. Some economists are fearful that the impact of the coronavirus could spark a wave of massive layoffs as businesses contend with consumers self-quarantining and avoiding social gatherings.