Unemployment Rates and COVID-19

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(WUTR-TV) — In March of 2020 the country saw unemployment rates skyrocket.

“It was at kind of a record high in you know April and May of 2020 at nearly 15% and that’s at the national level. That’s numbers we haven’t seen since the great depression.” – Nicole Simpson, Department Chair of Economics, Colgate University

As time went on and businesses reopened, unemployment slowly began to recover.

“Our current unemployment rates for the entire country as a whole is just about under 7%. Those are the numbers we had you know I’d say in about the 2012, 2013 when the economy was very good.” – Nicole Simpson, Department Chair of Economics, Colgate University

Although unemployment has significantly improved, Simpson say’s it’s going to be awhile before we’ve completely bounced back.

“I do think things should get better. We should be able to get back to pre-pandemic levels of unemployment. When that happens may not be until the end of the year. We’ve come a long way back but we still have a bit to go.” – Nicole Simpson, Department Chair of Economics, Colgate University

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