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The stock markets react to the Corona-virus effects

Economic strain continues in the US even with businesses reopening

on June 16 | in All, Economy, Markets, US | by | with Comments Off on Economic strain continues in the US even with businesses reopening

Companies are continuing to lay workers off despite the fact that 0they are reopening.  Due to the fact that workers are being laid off each and every day, unemployment claims are piling up and the country is failing to cope with them.  The economic downturn is being caused by the Coronavirus pandemic. This has not spared even the real money online slots casino industry.

The Statistics of Laid Off Workers

According to the country’s labour department, nearly 1, 9 million Americans filed new unemployment claims for state unemployment benefits last week.

In March, more than six million people also filed for the same benefits in one week.  There was also an additional 623, 000 new unemployment benefits claim.

At first the country’s federal program wanted to help self-employed  people and pokies online players and those that were normally not eligible for state benefits.   Claims for Pandemic Assistance ware 623, 000. Due to the fact that so many people were laid off, the number of people that were going to be helped was revised to 21, 5 million.

The statue of liberty wearing a Corona-virus mask
The statue of liberty wearing a Corona-virus mask

According to a Chief economist at Pantheon Macroeconomics, Ian Shepherdson the rate of layoffs was astonishing.

The pandemic has brought the greatest unemployment rate since the great depression with 42, 6 million people filing for unemployment benefits since mid-March.

The numbers do not include those who applied for the Unemployment Pandemic Unemployment Assistance programmed.

There are other people who were not recorded due to the fact that they did not apply for the benefits.  It has been difficult to arrive at the total due to mistakes in counting the numbers.

Technical malfunctions due to the overwhelming number of applications have left so many people without state assistance for months.

The Introduction of Security Measures

There were some instances where there were fraudulent claims submitted using stolen personal data. Many states in the country introduces security measures that further complicates the application process. As a result, payment processes have delayed.

Conclusion

The Coronavirus pandemic has caused economic su9ffering in the country and as a result business are failing to cope.

Sources: usatoday.com

The impacts on the US economy from the Corona pandemic
The impacts on the US economy from the Corona pandemic

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