The number of job losses reported was estimated to be around 701,000 in the beginning of April. However, in the last two weeks of March, nearly 10 million American’s have applied for unemployment (1).
Unfortunately, economists believe that this is just the beginning and it is expected that the unemployment rate can go up to 15% (20 million job losses) for the month of April (2).
Not only has COVID-19 become a health crisis but it has also proven itself to be an economic one.The numbers of people who have lost their jobs have been deem extra-ordinary. Many struggling with fear, anxiety, and uncertainty.
The economic hardship is for real and many of us may be consumed with thoughts of:
How am I going to pay for my bills?How about my mortgage?How am I going to pay for rent?Will I get laid off?When it is over will I have a place to come back to?Will my job still be there?When is it all going to be over?
With no job or source of income, our personal sense of survival has become questionable. No one expected this and many of us are entering emergency mode if there is one at all.
According to the Federal Reserve Bank of Saint Louis, about 47 million workers could lose their jobs in the coming months (3).
Businesses, big and small, are significantly cutting down. More jobs are diminishing and it seems like there is no end in sight.
Many of us are going through a financial crisis. You are not alone. But rather than let the situation defeat you right now is a good time to re-evaluate the circumstance and turn things around for yourself.
According to CNN, 22 million Americans have filed for unemployment benefits since March 14 and many people aren’t able to get access to it (4).
Unable to file, the unemployment system in the setting of COVID-19 has found itself overwhelmed with people needing to get unemployment.
We know that the COVID-19 crisis has affected us all. With so much uncertainty we understand that your emotional well being may be under stress. We are here for you. We provide the most affordable treatments for anxiety and depression.
For more blog posts related to COVID-19 also check out:
"Stories of COVID: Anxiety, My Old Friend", written by guest blogger June Still.