Readers may recall in mid-April, the first signs of the second round of layoffs and furloughs appeared. Then by June, high-frequency data of the U.S. economy suggested the recovery reversed as state governors were forced to pause reopenings due to increasing COVID-19 cases and deaths.
Since July, initial and continuing claims have risen, suggesting the worst employment crisis since the Great Depression of the 1930s continues to unfold.
New evidence published Tuesday in a study by Cornell Law School Senior Fellow and Adjunct Professor Daniel Alpert reveals the second round of layoffs is becoming more severe as the fiscal cliff begins.
The study, conducted from July 23 to August 1, by Alpert and RIWI Corp., shows 31% of employees initially laid off or furloughed because of the virus-induced recession were just recently laid off a second time.