Corona impact: 39 million lose jobs in the US
Due to the outbreak of Coronavirus, the problem of unemployment is increasing in America, people are facing layoffs from their jobs. The US is the most affected country by the Corona crisis. In the last two months at least 39 million people have lost their jobs. In this sequence, over 2.4 million people have applied to receive benefits from unemployment. A lockdown was put in place to prevent the coronavirus in the country, due to which the economy is getting stalled.
On Thursday, the government said that economic activities are being started gradually in the state and people are coming back to work. In the data released by the Labor Department, more than 2.4 million people have been applying for unemployment allowance in the past week, facing job layoffs. A steadily increasing infection number has swallowed jobs of at least 38.6 million people. The job market is ending fast. The number of people who have paid unemployment allowance has decreased in the last seven weeks, but even after this, the number of people applying for unemployment allowance is considerable. This number is 10 times more than any kind of crisis before it.
The ever increasing application suggests that economic activity has been resumed in all the states again in the last three weeks, but the problem of unemployment still persists there. Along with this, the outbreak of Corona is having an impact on all business and jobs.
PNC Financial chief economist Gus Faucher said that while unemployment allowances have been claimed to be declining, the labor market is still facing a lot of problems. Federal Reserve Chairman Jerome Powell reported that in May and June May, unemployment in the US may increase by 20 to 25 percent, which was seen 90 years ago. He said that unemployment in the month of April was 14.7 percent, which is not found even in the figures of The Great Depression of 1930.
At present, the number of corona virus infections has increased to 5 million, while the death toll has increased to 333,000. In the US alone, more than 93,000 people have died of corona.
