While the labor market’s recovery continues with millions returning to work since local economies began to reopen in late May, roughly 13.3 million people remain dependent on government aid. There were 41.1 million employees unable to work in May who did not get paid—because their employer closed or lost their business due to the coronavirus pandemic. That number declined to 13.3 million in October. The percentage of the total unpaid civilian population has shrunk as well, from 15.8% in May to 5.1% in October.
That’s more than 5% of the working population who are dependent on unemployment benefits where they are still available. That 5% is cutting back on spending, and most likely not able to invest in a home or a car at this moment or in the foreseeable future—if the last recession is the model for consumer behavior and if there is no further fiscal aid on the way.