In what may be the last snapshot of the employment picture in Genesee County before pandemic shutdowns hit local businesses, the local unemployment rate had already ticked up year-over-year for March from 4.7 percent to 5.2 percent.
The Department of Labor released statewide statistics today with a note indicating the household census of employment was taken at the beginning of March before most "nonessential" businesses were ordered to close or modify operations.
In that survey, 27,500 residents of Genesee County had jobs in a labor force of 29,000 people, with 1,500 residents seeking employment.
Through the rest of March, the Department of Labor reported a record number of jobless claims. It will be another month before we receive revised employment stats. Economists are estimating the national unemployment rate may now be as high as 32 percent.
In response to the high jobless claims, Congress passed legislation that: authorized $1,200 payments to most Americans; increased unemployment payments by $600 a week; and authorized $350 million in loans to small businesses that have suffered losses due to the pandemic primarily for payroll purposes.
The loans, if standards are met, could be converted into grants. The Senate is expected to vote today on a new stimulus package that would add nearly $500 million to the Payroll Protection Program.
