By Mike Sunnucks | Rose Law Group Reporter
Arizona could see as many as 396,000 jobs impacted by the Coronavirus and the state’s unemployment rate is projected to go up to 15.4 percent by July with the pandemic bringing much of the economy to a halt.
Job losses, layoff and furloughs could total as many 2.3 million in California, 1.7 million in Texas and 1.2 million in New York with business closures and pullbacks in travel and commerce, according to the Economic Policy Institute.
EPI estimates as many as 19.8 million jobs could be negatively impacted by the Coronavirus by July.
Other states are projected to even higher unemployment numbers such as Nevada (19.7 percent), Louisiana (18 percent percent), Alaska (17.8 percent) and Hawaii (17.8 percent), according to EPI.
Those states are very tourism heavy.
Tourism is a key industry in Arizona, but the state’s also have significant real estate, aerospace, technology and health care sectors. The Phoenix metro area is also a key logistics hub. That is an industry adding jobs with the current reliance on e-commerce.
Arizona’s unemployment rate in February (before the Coronavirus’ impact in the U.S.) was at 4.5 percent. The U.S. unemployment rate before the pandemic was 3.5 percent.
EPI projects the U.S. unemployment rate to hit 15.6 percent in July. Maryland (13.9 percent) Virginia (14 percent), Colorado (14.1 percent) and Iowa (14.2 percent) would have the lowest jobless rates by July under the projections.
The $2 trillion federal economic stimulus program looks to stem the negative impacts of the pandemic with Small Business Administration loans, direct payments to Americans and helping states with unemployment insurance.
Some of the SBA program also require employers to have not laid off or cut workers in order to qualify.
