At the moment, confirmed virus cases are surging, and states are pausing and or reversing reopening plans, as consumer foot traffic across the country is stalling. Workers that were just rehired are being fired in some regions. These emerging trends suggest the recent bounce in economic growth could form a "W" rather than a "V" shaped recovery. 

Tens of millions of workers are jobless and are collecting unemployment insurance compared with pre-COVID-19 levels. Layoffs once temporary are becoming permanent. 

The number of permanent job loss now stands at nearly 3 million in June, up from 1.6 million people in February. 

And why is this? Well, here's a good example: Yelp made a shocking claim last week that said: 41% of all business closures on its platform are permanent closures.

"Our data shows the largest spikes of permanent closures occurred in March, followed by May and June, indicating that the businesses that were already struggling had to permanently close right away and the businesses that were trying to hold on, but unable to weather the COVID-19 storm, were forced to shutter in recent months." 

About half of all small businesses are expected to close within the next six months, according to a recent survey - that means more permanent job loss. If readers didn't know, mom and pop shops generate the majority of US jobs.