July 3, 2020

Fathom’s Chart of the Day 03.07.2020: Share of permanently unemployed increases even as US labour market continues to rebound

by Fathom Consulting.

The June US unemployment report underlined how almost all of those who had lost their job reported being ‘on temporary layoff’. So far, unemployment among this group has dropped from 18m to 11m while the number of people who report being ‘permanently laid off’ has actually increased by 1.6m since February with a +600k number in June after +300k in May. The bottom line is that there is a high risk of these ‘temporary’ lay-offs becoming crystallised into permanent ones particularly as generous government income support programmes are tapered over the coming months.

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This chart is taken from Fathom’s Recovery Watch newsletter. Click here to subscribe to Recovery Watch and Forums.

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