Louisiana unemployment numbers will peak soon, expert says

Louisiana

“In Louisiana, just about 22% of the workforce has filed for unemployment insurance in the last six weeks,” Milnes said.

NEW ORLEANS (WWL-TV) — The Department of Labor recently released another week of unemployment claims numbers, and the data shows more than 25 million unemployment claims across the nation. 

WWLTV’s Paul Dudley spoke with Money Geek’s Doug Milnes, who is familiar with unemployment trends across America.

“In Louisiana, just about 22% of the workforce has filed for unemployment insurance in the last six weeks,” Milnes said. “Based on data from the Dept. of Labor, that’s about 460,000 workers who have filed for unemployment.”

Money Geek’s current forecast for peak unemployment in Louisiana is 29 percent and based on this last week of numbers it seems like Louisiana has reached the peak or is very near to reaching those levels, Milnes said.

People out of work can file for unemployment.

“Make sure you make that claim even if the system is a little bit backed up,” Milnes said. “It’s better to get your claim in as soon as you can.”

Milnes said small businesses should take all the help the can get during these hard times.

“Absolutely, do what you can to make use of the programs offered by the Small Business Administration, including the paycheck protection program,” Milnes said. “I know the delivery of the funds hasn’t been all that great and that it’s been hard to get in line for that. but it’s worth it to take a crack at it and try.”

Small businesses should get creative.

“Businesses can also look for a new way to add new lines of business that will enable them to make revenue while folks are shut-in,” Milnes said. “I’ve seen many businesses add online stores begin curbside pick up to keep things moving.”

Milnes also said small businesses should also reach out to their local chambers of commerce.

“They may have additional resources to help you out during this really tough time, and they are right there on the ground with you and can offer you solid guidance based on what’s going on in New Orleans,” Milnes said.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Local News

More Local

Trending Stories

Sidebar