“We have never seen this extent of eviction in such a truncated amount of time in our history,” housing expert Emily Benfer said.
- The coronavirus pandemic could result in some 28 million Americans being evicted, one expert said.
- By comparison, 10 million people lost their homes in the Great Recession.
- Here’s what we can expect from this crisis.
While round one was a swift reckoning that left 20.5 million Americans without a job after one month, part two will be a slow burn that sees millions more jobs lost as some businesses reduce headcounts and others shut down for good.
In the first half of 2020, more than 3,600 companies filed for bankruptcy, according to legal services provider Epiq. Just over 600 filed in June, up 43% from June 2019.
How it works: The initial jobs apocalypse was due to the mandated and temporary closures of businesses across the country in an attempt to contain the coronavirus pandemic.
Part two is the fallout from the decline in consumption that resulted and will likely include the wreckage from wide-ranging business closures and a reckoning for white collar jobs, experts say.
More than 100 U.S. companies that declared bankruptcy this year have blamed Covid-19 for at least part of their demise. t.co/3sYJfSrgnb
— Win Smart, CFA (@WinfieldSmart) July 10, 2020
On July 10, the St. Louis Fed Economic News Index was estimating #realGDP in Q2 of -33.46% at an annual rate. See FRED for details on how the “nowcast” is constructed: t.co/mU7KoeSwQw pic.twitter.com/K6Wrnsf0C4
— St. Louis Fed (@stlouisfed) July 10, 2020