Since the coronavirus pandemic happened, people have lost their jobs and are filing for unemployment rapidly from the last few days. Now a recent report on this subject shows us that more than 3 million people have filed for unemployment. Since the coronavirus pandemic situation has happened, more than 42 million have reportedly filed for unemployment in the country. People are trying to cope with the situation by claiming the benefits of unemployment, which puts a burden on the government treasury. As of May 23 end, it’s been said that 2.1 million filed for unemployment claims. The number of claims made by these people is decreasing slowly but with a small margin.
The government is trying to reopen the economy, and some businesses are starting and giving back employment to needy people. Still, the number of unemployed people is quite high as compared to those claiming benefits. After looking at the current situation, analysts said the rate of unemployment is getting higher every day, and people are worried about their livelihood. Data shows the number of people who have lost jobs are twice as compared to the Great Depression era. Even though this report doesn’t count the significant factor of the increased population, still millions of people have lost their job because of the coronavirus pandemic.
The good thing which happened in this sector is that people claiming benefits of unemployment are getting lower. During May 9 to 16, more than 3.9 million people didn’t claim unemployment benefits. Government’s efforts to restart the manufacturing sector are helping people to get back to their jobs. The GDP reportedly shrank by 5% during the first quarter, and the country can’t afford to lose that much money for a continuous period. The reopening of the economy, followed by strict rules, will help everyone.