Over 6.6 million Americans workers have demanded unemployment benefits last week as the spread of the coronavirus continues
As businesses continue to layoff workers amid the COVID-19, over 6.6 million workers have demanded their benefits during the past week.
The increase in which the economist tag “monstrous,” “stunningly awful,” and “a portrait of disaster, was more than what they expected and more than 3,000% before the virus outbreak of the virus.
With many companies closing down and laying off workers due to the COVID-19, more workers will have to depend on the government to provide their needs
According to Chief Economist, Joe Brusuelas, President Donald Trump administration, need to work on a next-phase fiscal aid package to fill the holes that are being blown in the state.
“Trump administration should target plugging the holes that are being blown in state and local budgets, in addition to Federal Reserve purchases of state and municipal debt,” Brusuelas said. He added the Federal Reserve purchases of state and municipal debt.
Just last week, the government passed the CARES Act to combat the impact of the coronavirus outbreak.
The Refinitiv consensus estimate is for a loss of 100,000 jobs, with the unemployment rate inching up to 3.8%, from its historic low of 3.5%. Refinitiv is a global provider of financial market data and infrastructure.
The March report will be more reduced because the survey is based on whatever result comes in the middle of the month, which was before millions of Americans filed for unemployment benefits for the first time.