The continuing economic slowdown in the United States has resulted in another weekly surge of jobless claims, with more than 4 million Americans filing for unemployment last week. Since mid-March, over 24 million Americans have filed for unemployment, effectively wiping out all employment gains of the last decade in only five weeks.
The increasing number of claims is a sure sign the U.S. is facing an unemployment crisis of historic proportions. According to some estimates, the latest jobless claims suggest the unemployment rate could be nearing 20%, higher than at any time since the Great Depression.
As the number of jobless claims continues to surge with each passing week, 24/7 Wall St. has been compiling a state-by-state review of jobless claims. Job losses by state range from the tens of thousands to the millions over the five weeks beginning on March 15, amounting to anywhere from 6% to more than 25% of a state’s total labor force. Over the most recent week of data, April 12 to April 18, unemployment claims were anywhere from five to 86 times what they were in the same week last year, depending on the state.
The current economic downturn is largely attributable to efforts to contain the spread of the coronavirus. Elected officials across the country have heeded advice from health experts and instituted a range of measures to facilitate social distancing, from shelter-in-place orders to closing nonessential businesses. These measures, however, have taken a toll on the economy. Here is a look at what countries with some success against the coronavirus are doing to flatten the curve.
The states where unemployment rates are projected to be the highest in the coming months tend to be those that rely on industries that will likely bear the brunt of the current economic downturn. These industries include leisure and hospitality, travel services, transportation and warehousing, and oil and gas extraction. Here is an in-depth look at the U.S. industries being devastated by the coronavirus.
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