As the number of people claiming unemployment benefits reaches 65,200 and job losses hit once unassailable sectors such as tourism and manufacturing, the economy is giving much cause for concern.
Tuesday's labour market statistics revealed the extent of the dole queue in May, when lockdown was in its second full month, but they also showed us just how healthy the jobs market had been. Before the pandemic the unemployment rate was 2.4%.
On the plus side, many of us have been encouraged by businesses gradually waking up again after lockdown and are eagerly awaiting the reopening of our favourite pubs and restaurants next month.
But optimism must be tempered by a dose of realism. The end of the Government's job retention scheme in October is a ticking time-bomb that is likely to lead to many more thousands - if not tens of thousands - joining the dole queue.
Around 212,000 workers here are on the scheme. But there are fears that when it expires, the economy will still not have recovered enough for all of the workers on furlough to get their jobs back.
It was the medicine that saved us from a deeper downturn at the start of the lockdown, but the end of the furlough scheme could bring a nasty dose of reality.
Titanic Belfast, once voted the world's top tourist attraction, doesn't appear to be banking on a rush of 'staycationers' making up for the loss of foreign visitors this year.
It is understood to be seeking to make 75 of its 300 staff redundant. The company has confirmed that it's carrying out a consultation with the workforce.
But there are signs of hope. Ideas are being generated and there is a will to pull us out of the serious downturn we are in.
DUP minister Diane Dodds will on Wednesday publish a paper on how the economy can be revitalised and the business and economy 'superheroes' on the advisory group who will give direction on how to get out of the downturn.
The crack team on the economic advisory group is chaired by Ellvena Graham, the former head of Ulster Bank and a former president of the Northern Ireland Chamber of Commerce.
In that latter role she carved out a reputation for straight talking, particularly in the direction of the political parties who, at that point, were abjectly failing to form a government at Stormont.
She memorably called out politicians for "endless Brexit bickering" and urged them to pull themselves out of the "quagmire" of stalemate - a message that eventually got through.
Ms Graham is supported by Neil Gibson, the chief economist of business advisory firm EY, a creative thinker who Wednesday's Belfast Telegraph urges us to do our bit for the economy by spending the money that we've saved in lockdown to support local businesses.
The all-important agri-food industry is represented by Paul Vernon, the chief executive of Irish company Glanbia Cheese, which has a mozzarella factory just outside Craigavon.
Manufacturing is represented by Ulster Carpets managing director Nick Coburn, also a former president of the Northern Ireland Chamber.
The troubled manufacturing sector is represented by Michael Ryan, chief operating officer of aerostructures at Bombardier Aviation. He has led Bombardier through many crises, not least the latest panic induced by a global downturn in aviation following lockdown. It has led to 600 job losses at the company, which is also in the middle of a sale to US giant Spirit AeroSystems.
The newer parts of the economy, including the tech sector, are represented by Dr Rob Grundy, chairman of Matrix, a government advisory panel, and Steve Orr, chief executive of Catalyst, formerly the Northern Ireland Science Park.
Brendan Mooney, chief executive of IT giant Kainos - currently the only Northern Ireland company listed on the main London Stock Exchange - is also on the group, along with Lisa McLaughlin, partner of law firm Herbert Smith Freehills.
It's completed by Rose Mary Stalker, chairperson of Invest NI, and Tina McKenzie, chief executive of Grafton Recruitment. Ms McKenzie brings vast experience as a recruitment boss and Northern Ireland chair of the Federation of Small Businesses.
As well as confirming the names of the economic advisory group, the Economy Minister has published her medium-term economic recovery plan covering the next 12-18 months.
'Rebuilding a Stronger Economy' is aimed at delivering higher-paying jobs, a skilled workforce and a more regionally balanced economy.
Tourism will be a linchpin in the recovery on both sides of the border, though for the foreseeable future, it's inevitably more with a focus on the staycation market than the overseas one
Mrs Dodds said: "There has been significant financial support from the Executive to date to help businesses survive the immediate impact of Covid-19.
"We must now look to the medium-term and work to build a more competitive, inclusive and greener economy.
"Our people are our key asset, so developing the skills base of our young people and workforce will remain central to our economic success going forward.
"We also intend to focus on sectors where there is a potential for growth in higher-paying jobs, such as life and health sciences, advanced manufacturing, clean energy and big data."
Meanwhile, in the Republic, Fianna Fail, Fine Gael and the Green Party have published their draft programme for government.
Tourism will be a linchpin in the recovery on both sides of the border, though for the foreseeable future, it's inevitably more with a focus on the staycation market than the overseas one.
The west of Ireland's Wild Atlantic Way concept has long been the envy of tourist markets. Now the nascent government in the Republic wants to link up an all-island coastal tourist trail, linking the Wild Atlantic Way, the Causeway Coastal Route and the area along the eastern and southern coast of Ireland. There are also proposed cross-border greenways, including one between Sligo and Enniskillen.
It is likely those ideas will get an eager hearing here because, when it comes to helping tourism, or indeed any sector of the economy, no idea can be taken off the table.