And yet although these companies that might fail might employ 6 million people in all apparently unemployment is not going to be more than 3 million in total, a figure which the claimant count suggests is fast being approached Even before furlough has come close to ending.
Put bluntly, this makes no sense at all. Simply extrapolating the data in the article (and I can see no reason why not: the sample is big enough in all cases for that extrapolation to be fair) and the number of jobs at risk looks to be around 6 million (16 million, times 75%, times 50%).
Apparently the thought that new businesses might arise to employ a few of them doesn’t occur to our Snippa. Which , given that the economy destroys about 3 million jobs a year, creates about 3 million jobs a year, is odd. An economics professor should know that…..