Coronavirus’ economic toll: Jobless claims soar to record high amid shutdowns

People wait in line for help with unemployment benefits at the One-Stop Career Center in Las Vegas.
Source: John Locher/AP Photo

Date Published: March 26, 2020

Source: Politico

As coronavirus continues to spread and government measures to limit its spread continue to escalate, unemployment claims in the United States have skyrocketed to an unprecedented high of 3.3 million. Service industry jobs, such as accommodations and food services, were the most affected, experiencing the highest numbers of unemployment. Some of the highest number of unemployment claims came from the states that were hit particularly hard by coronavirus such as New York. The $2 trillion Senate coronavirus package that was passed last Wednesday hopes to provide some relief and support in the form of lengthening unemployment coverage and providing an additional $600 per week on top of state benefits. Economists and analysts predict unemployment rates will continue to increase and estimate a loss of 14 million jobs by the summer.

Read the full article here: https://www.politico.com/news/2020/03/26/unemployment-claims-numbers-release-150052

Summary by: Angus Lau