Even as California businesses are starting to reopen, economists warn that the worst could be yet to come as far as unemployment. The extra $600 per week unemployment benefit will be ending soon and prospects for hiring are bleak as employers continue shedding workers. In May, the monthly jobless rate dropped to 13.3 percent from 14.7 percent, according to a Bureau of Labor Statistics report released last Friday. But a temporary drop may not signal that the economy is on the upswing just yet, economists said. Also, policy makers are looking at how to reverse the more severe unemployment rates among Blacks and other minority groups. In this hour of Forum, we discuss unemployment and what could lie ahead for workers.
Federal Reserve Projects Longterm Unemployment From Coronavirus Crisis
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A person files an application for unemployment benefits on April 16, 2020. (OLIVIER DOULIERY/AFP via Getty Images)
Jed Kolko, chief economist, Indeed
Stephen Levy, director and senior economist, Center for Continuing Study of the California Economy
Erica Groshen, faculty member, Cornell University; former Commissioner, Bureau of Labor Statistics