Corona impact: US unemployment rate reaches 14.7% in Q2 2020

America’s economy, which is suffering from Corona, has suffered a severe setback. The US gross domestic product (GDP) has fallen drastically by 33 percent in the April-June quarter. This is a historical decline, that is, a record so far.

During this time, unemployment in the US also increased to 14.7 percent. Significantly, in the US, the financial year is for the calendar year i.e. January to December. Economy figures for the second quarter of April to June were released on Thursday.

Due to Corona, lockdown was also imposed in America and due to increasing infection, the work of companies, factories there had to be stopped. Due to this, a large number of jobs were laid off. Last week, about 1.4 million Americans applied for unemployment allowance. These are the people who have been fired. This is the 19th consecutive week in America when more than 1 million people have applied for unemployment allowance. Never before March had this figure crossed 700,000.

What was the record before this

In the US, GDP figures have been released since 1947. During its first year in 1958, during the President Eisenhower rule, the economy of America had declined by about 10 percent, which is the record for its worst period. In the January-March quarter this year, the US economy had declined by 5 percent.

Economy can improve further

According to news agency AP, most economists feel that the economy will improve in the quarter of July to September. America is the first in the world in cases of corona infection and even now the cases are continuously increasing. The number of Corona cases there has crossed 45 lakhs.