COVID-19 Economic Turmoil Hits Hard on United States As Recent Unemployment Stats Stand at 6.65M

American citizens have indeed lost their jobs owing to the coronavirus epidemic as per a Federal Reserve report, the worst of the impact has still to begin.

Last week, greater than 6.65 million people in the United States applied for unemployment claims, the latest official statistics that illustrate the massive economic effect of the COVID-19 outbreak on the US economy.

The federal labor department reported that after losing their jobs in the week through March 27, a fresh significant number of people seeking help while long queues grew at unemployment centers, phone lines stalled and websites crashed under the burden of requests across the US.

The previous week around 3.3 million had applied for unemployment, pushing overall filings for the two weeks to 9.95 million. Within the last two weeks, additional people have applied for unemployment than in the last 10 months.

The US is currently witnessing the strongest surge in unemployment in its record, a development that now exposes income disparity throughout the country which arises as the world economy heads into a steep dive that is expected to intensify the crisis in the coming months.

Projection Suggests Hard Times As Jobless Stats Indicate a Gloomy Outlook
The Bureau of Labor Statistics would publish its first monthly employment report on Friday after the COVID economy hit the United States. This is anticipated to indicate the first increase in unemployment in over nine years. The numbers were compiled in the mid of last month, before employees were laid off by General Electric, Macy’s, Marriott as well as others.

Analysts are predicting an uptick to 4 percent unemployment, up from a 50-year low of 3.5 percent in February and closing a landmark 113 months of labor market increase. When more data is collected, the statistic would potentially become adjusted significantly upward next month.