Millions of Americans are facing the issue of unemployment due to coronavirus pandemic. This kind of market depression was also experienced in the past.
But this time around 26.5 million workers have filed jobless claims, back in financial crisis 2008, this number was 15.3 million.
At this time, many people are also filing jobless claims. This unemployment will go upward, if we combine, it would go more than 33 million which will, in turn, be equal to the unemployment rate of 20.6%
The US Government has made a $2.2 trillion coronavirus relief package for jobless people. This help fighting against this new virus.
Total nonfarm payroll employment fell by 701,000 in March, and the unemployment rate rose to 4.4 percent, the U.S. Bureau of Labor Statistics.
The above report has been prepared from the date of two monthly surveys.
In March, when the coronavirus pandemic just started hitting all over the world, the unemployment rate dropped by 0.9% to 4.4%.
The percentage seems very small but the number of unemployment rose by 1.4 million and that’s a whole lot of population.
Due to this, the number of people doing part-time jobs increased by 1.4 million in March. These are the individuals who were doing full-time jobs before the virus. But they preferred due to a reduction in working hours and some of them were unable to find normal jobs.
The 1.4 million increase in March are majorly belongs to the labor force. They mainly are the one who is looking for work and didn’t find work in the past 4 weeks.
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