6-2-20 retired ripon college economist predicts double-digit unemployment through the rest of the year

A retired Ripon College economist predicts unemployment levels will remain in double digits through the rest of the year.  Economist Paul Schoofs says the 18.3 percent jobless rate in Fond du Lac for April due to the Safer at Home order, after a 2.9 percent rate in March,  is historic.  “It’s just devastating and we’ve never seen a jump like that in such a short time,”  Schoofs told WFDL news.  “…it reflects the unusual nature of this event we’re in here with the illness causing such a drastic shutdown of business activity.”  Schoofs says the official unemployment figures are probably understated.  Meanwhile, Schoofs says even if there is not a second wave this fall, he anticipates the unemployment rate will slowly decline.

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