Financial News: The Bureau of Labor Statistics has released the August 2020 unemployment rate. It is 8.4%.
Unemployment rate by month since March 2020,
From April 2020 through August, 2020 the United States has seen a 6.3-point decrease in unemployment rate. There will be one more monthly unemployment rate report posting on October 2, 2020 for September before the Presidential election on November 3, 2020.
With many states not lifting restrictions on restaurants until November 4, 2020, I do not see much more of an improvement when the September numbers come out. One example is my state of Pennsylvania. Restaurants were originally restricted to 50% occupancy. Recently, a new restriction was put in place on restaurants restricting operation to 25% occupancy.
Looking at the five boroughs of New York City, no inside dinning is allowed in any restaurant. Only outside seating and take-out.
As reported by the New York Post,
De Blasio’s suggestion that eating inside a restaurant is only for people with thick billfolds ignores the thousands of cheap diners, fast-food eateries and pizza joints across the five boroughs catering to cost-conscious New Yorkers.
The Post also reports that,
Over half of the [NYC] industry’s 300,000 workers are currently unemployed.
Add to this equation, restaurant workers in other Progressive states that will be left out in the cold till November 4, 2020.
Freedom Through Self-Reliance ™