The total of jobless claims hit 3.28 million in the United States last week, reaching a historic high.
People are losing their jobs left and right because of this coronavirus outbreak. The economy has, and will, take a massive hit as a result of the shut-downs nationwide. We've already seen certain industries get hit harder than others, and the music business is one of those. Without the capacity to perform shows, artists have had to get creative about their money-making endeavors. Without an end in sight, unemployment rates have officially hit an all-time high with 3.28 million claims in the week ending March 21.
"During the week ending March 21, the increase in initial claims are due to the impacts of the COVID-19 virus," said the Department of Labor. "Nearly every state providing comments cited the COVID-19 virus impacts. States continued to cite services industries broadly, particularly accommodation, and food services. Additional industries heavily cited for the increases included the health care and social assistance, arts, entertainment and recreation, transportation and warehousing, and manufacturing industries."
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The U.S. economy is expected to hit a recession in the second quarter.
The $2 trillion stimulus package that was passed by Senate is surely going to hit different whenever that arrives. With the number of people now without jobs in America, it will be interesting to see how we bounce back in the coming months.