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Percentage Rise in Permanent Job Losses Fastest in 50-Plus Years

The number of workers who've lost their jobs for good rather than just temporarily has grown steadily over the past several months, to the point where they now make up a third of people who are currently unemployed, according to CNN Business, based on Department of Labor statistics. In April, 2.6 million had lost their jobs permanently, while 20.5 million people  were out of work temporarily. Over time, the number of temporary layoffs began going down, while the number of permanent job losses went up. As of September, 4.5 million  had lost their jobs for good, while  8.1 million workers were unemployed temporarily. The number of permanent job losses has more than doubled since February, when there were 1.9 million. The six-month percentage rise in job losses has been the fastest in more than 50 years.

It is likely that at least some of these permanent job losses are due to the rising number of permanent business closures. Data gathered and analyzed by review site Yelp indicates that the number of businesses that have shut down due to the pandemic has increased by 23 percent since July. As of Aug. 31, the site said that 163,735 businesses had reported that they had closed. Of these businesses, 60 percent or 97,966 havd reported that they'd closed for good.

While talks for a new round of stimulus funding, which would include both more unemployment benefits and business aid, have resumed, the latest news is that the two parties remain at a significant distance, despite some movement earlier toward an accord.