Long-Term Unemployment and the Economy

As we approach the sixth month of the coronavirus pandemic, we will begin to see statistics in terms of long-term unemployment, which is characterized by the Bureau of Labor Statistics as lasting 27 weeks or longer.

In this episode of Your Money, Leo Daprile of Gem Young Insurance and Financial Services in Canfield discusses long-term unemployment and its effect on the economy.

Daprile says there are some industries, such as travel, have been hit harder by the virus and will take longer to recover.

“That’s why long term unemployment is going to be a drag on the economy for a while,” Daprile says.

Daprile also shares his viewpoint on President Trump’s executive order extending unemployment benefits, and the difficulty people may face regaining employment after a long-term job loss.

“When there’s long-term unemployment, the field that person worked in may no longer be an option,” he says. “Maybe it’s time to look at other industries or opportunities. You have to be prepared to reinvent yourself.”

To learn more, watch the video above.

Original Air Date: August 11, 2020. Every Wednesday during the Dan Rivers show on AM570 WKBN, Gem Young’s President, Leo Daprile, hosts a radio show called Your Money. Daprile brings his vast knowledge of all things “money” to discuss the topics in language everyone can understand.

About Gem Young
We’re a family business that does business with individuals and families who require comprehensive risk management for their wealth and their assets. We believe clients want professional advice at a fair value and we deliver that by leveraging our reputation of professionalism, integrity, teamwork, and a get- it-done-right-the-first-time attitude. We believe in making a difference in our clients’ lives.

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