42% Of Job Losses May Become Permanent, Majority Are Lowest Earners, Majority Can’t Pay $400 Expense Video by Silver Report
42% of the job losses we have seen recently may become permanent according to a new report on employment statistics. The feds new survey has found that the lowest income earners have been the majority of the job losses.
A lot of this has to do with the hospitality and leisure sector experiencing the largest job losses so far and typically these jobs pay less.
The Feds survey also detailed the majority of Americans can’t even pay a $400 expense at this time without resorting to borrowing or other methods. This is a terrible sign for an economy that is dependent on consumption.
The story being told right now is that we will see a quick recovery and most of the jobs that have been lost will only be temporary but based on the new jobs data it suggests this is nothing but a lie.