As the arduous battle against COVID-19 intensifies, more and more Americans have to brace themselves for further bad news when jobs are concerned. The Labor Department report expected to drop today is likely to show a record high number of Americans filing claims for unemployment benefits.
Economists say the United States has to be prepared for jobless claims to keep escalating for now. Normalcy is, of course, not going to be returned to us anytime soon. The staggering job losses in the United States is part of the global downturn. This comes as the economy reels from impact stemming from the coronavirus pandemic that has infected over 941,940 people worldwide and killed 47,522 as of time of writing.
The number of people in the United States who have tested positive has soared to 216,722 as of now, while the death toll has climbed to 5,137. At this time, Wyoming is the only state in the country that has zero coronavirus-linked death.
The rapidly spreading coronavirus pandemic has caused economies worldwide to tumble at an unprecedented rate as businesses across industries take a hit. Those in the airline, tourism and hospitality industries are the worst-hit since domestic and international air travel have practically trickled to almost zero as countries around the world shut their borders in order to slow down the spread of COVID-19.
According to an analysis by IHS Markit, all US states will experience declines in employment though the extent to which each state has to contend with will vary. Those that rely heavily on tourism and travel will be hit particularly hard, such as Florida and Nevada. The manufacturing sector has also contracted. States like Pennsylvania, South Carolina and Michigan are likely to see significant declines in employment, too.
While President Trump has no plans to implement a national stay-at-home order for now, a huge majority of Americans have been told to comply with stay-at-home and social distancing guidelines as illustrated by their states and governors. The fact of the matter is that the threat to public health in the United States is becoming more acute day by day. In the United States, the hardest-hit region plagued by COVID-19 is the New York region.