Economy suffers under the hand of COVID-19

On May 8, 2020, the U.S. job report is set to be released for the nation. The report shows how many jobs were gained and lost during the last month, as well as the unemployment rate throughout the country. While it is not typically high and the numbers stay at a constant rate throughout the months, this year’s report is set to be devastatingly low. This is due to the CoronaVirus pandemic, leaving millions throughout the nation without a job. While the numbers have decreased within the past 5 weeks, it is still unknown as to when and how long the economy will take to recover from this tragedy. 

It was estimated that 3.2 million Americans have filed for unemployment within the last week, the usual being around 200,000. This is caused mainly by small or local businesses closing, almost every employee using their earned money to pay bills and for other necessary items. For larger companies, many still have their employees working virtually while they are still being paid, such as teachers and larger corporations. But even those companies are struggling because they have to pay their employees, even though they are not working for as long and the same amount of time. The report believes that there will be an estimated 20 million Americans without a job within the past few months, increasing the unemployment rate by 16%. This rate will be the most the country has ever seen in such a short period of time. Even though numbers continue to grow, less and less people are visiting the unemployment office each week. The ultimate unknown is how long the economy will take to recover. With such a large loss of jobs in a short period of time, the recovery could take from anywhere between a few months to years. 

Even with the economy at its lowest point, teams and specialists are still working on vaccines for the virus, in hopes of returning the world to normalcy and get the economy back on its feet.