The Economic Policy Institute (EPI) estimated that the US economy could lose roughly 14 million jobs by Summer of 2020. To alleviate some of the damages and increase the economic health they estimated a “2.1 trillion-dollar fiscal stimulus” will be needed, if not more. With this comes the fear of over-compensating the economy and later implications of inflation and extreme interest rates.
EPI has a chart showing the projected job losses in percentages and numbers by state. States expecting the highest unemployment rate as majority of their jobs are in the leisure, hospitality, and retail industry which are directly impacted by COVID-19 are Nevada, Montana, and Hawaii.
Colorado is estimated to have a projected total loss of 261,098 jobs among the private-sector employment field. With an expected 26.5% loss to the leisure, hospitality and retail industry.