The road back – how long will it take for America’s economy to recover?May 10, 20202 min read
With unemployment at a staggering 14 percent, America’s economy looks as if it is in freefall. With COVID-19 forcing factories to shut down, small businesses to shutter and restaurants to close their doors, there is anxiety at every level of government about when the country’s economy will get back in motion.
Economists surveyed by Dow Jones had been expecting payrolls to shed 21.5 million and the unemployment rate to go to 16%. April’s unemployment rate topped the post-war record 10.8% but was short of the Great Depression high estimated at 24.9%. The financial crisis peak was 10% in October 2009.
The bleak numbers paint a “pretty dismal picture, but April may be it for job losses going forward with the country starting to reopen,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “If there is a silver-lining in today’s dismal jobs report, it is in the realization that the economy cannot possibly get any worse than it is right now.” CNBC – May 08
Bleak indeed, but there are still many questions to be answered.
How long will it take until people are back to work?
What industries and businesses are impacted or lost forever?
Is there a safe way to get back to work?
Are there worries of inflation?
And who is paying for all this stimulus funding and bailouts.
If you are a journalist covering the economy, let one of our experts help.
Jeff Haymond, Ph.D. is Dean, School of Business Administration and a Professor of Economics at Cedarville and is an expert in finance and trade. Dr. Haymond is available to speak with media regarding this topic – simply click on his icon to arrange an interview.
Jeff Haymond, Ph.D. Dean, School of Business Administration/Associate Professor
Research interests include economics and religion, as well as monetary theory