Coronavirus: Pandemic sends US jobless rate to 14.7%

New York, the US financial capital, is also one of the US hotspots for the coronavirus
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Date of Publication: May 8, 2020

Source: BBC

The current US unemployment rate of 14.7% is the worst it has been since the Great Depression. Just two months ago, the rate was at 3.5%, a 50-year low. The heaviest hit industries were leisure and hospitality, education, and health services. Approximately three-quarters of those without jobs indicated themselves as being temporarily laid off, a sign that they will be able to work once the restrictions are eased. However, how many are able to go back depends on how long the restrictions last and the number of businesses that are able to survive until then.

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Summary by: Rakshith Gangireddy