Special Bulletin: Government Deploys Countermeasures to Help Stem Job Losses

March, 2020

Key Takeaways:

Employment declined by 701,000 positions in March breaking the longest period of growth on record
The data was captured in Mid-March and does not reflect the spike in unemployment claims in the final two weeks of the month
Government measures including cash payments and bolstered unemployment benefits will soften the blow

Key Takeaways:

The unemployment rate increased from 3.5 percent to 4.4 percent in March
Leisure and hospitality sector hardest hit as bars/restaurants closed and travel declined dramatically
Unemployment rate likely to continue upward trend as full impact of layoffs are captured in the survey data

Key Takeaways:

The recently passed $2.2 trillion fiscal stimulus bill includes $349 billion in loans for small businesses to help cover payroll, rent, and utilities
The loans will be fully forgiven as long as the funds are used within eight weeks, 75% of the money is allocated to paying workers, and workers are kept employed or quickly rehired
For commercial property owners, this will help tenants pay rent, but can also aid in funding management and staff payrolls
Nearly half of all employees in the U.S. work for small businesses