To date, more than 216,000 confirmed cases and 5,137 deaths have occurred in the United States. More than 39 of the 50 states in the United States are implementing strictly restricting any unnecessary travel activities of the people, which means that about 80% of the people in the United States are affected by their lives and economic activities are generally suspended.
As of the week of March 28, 6.654 million people applied for unemployment benefits. This far exceeded the market’s average expectation of 3.7 million people, and also exceeded the record figure of 3.283 million released last week, which once again set a historical record and highlighted the deterioration of labor market conditions. Adding the figures from the previous week, the number of people receiving unemployment benefits has approached 10 million.
The surge in the number of people applying for unemployment benefits comes in part from the government ’s $ 2 trillion economic plan last week. According to this plan, self-employed persons and independent contractors who were unable to apply for subsidies in the past can now apply for unemployment subsidies issued by the government.
In addition, the unemployed will receive $ 600 a week in subsidies for up to four months. That’s the equivalent of working for 40 hours a week and earning $ 15 an hour.
Unfortunately, the outbreak in the United States is still at a rapid development stage. Many large US retailers such as Macy’s said on Monday that their stores will continue to close and that thousands of employees will be unemployed. This means that the number of people applying for unemployment will continue to rise in the future.