COVID has Destroyed Twice as Many Jobs as Katrina
To say that a lot of folks have lost their jobs in Louisiana during the current crisis is a whopper of an understatement. With restaurants, stores, factories and more shutting down in record numbers - jobs are disappearing faster than a Pabst Blue Ribbon at a NASCAR race.
In the first half of 2020, the number of unemployed Louisiana residents hit an astounding 11%. According to the Advocate, that's nearly double the amount of jobs lost following the catastrophic aftermath of Hurricane Katrina in 2005. After the killer super-storm absolutely wrecked parts of the state, the number of jobless folks in Louisiana hit 6%.
Just to put that in to perspective, the report shows that more than 800,000 have applied for unemployment insurance this year. While experts expect the economy, and with it job numbers, to grow through the end of the year - the United States isn't expected to emerge from the financial pit the COVID-19 pandemic (and ensuing shutdown) threw us into until the 4th quarter of next year. That's at least October of 2021, and that's the optimistic projection!