U.S. Unemployment Rates Hits A Record-Breaking 6.6 Million People

The unemployment website is experiencing issues with high-traffic rates   The coronavirus pandemic is changing American history as we know it, breaking economic records by the day as more...

(Photo: advocacy.sba.gov)

The unemployment website is experiencing issues with high-traffic rates

 

The coronavirus pandemic is changing American history as we know it, breaking economic records by the day as more jurisdiction is enforcing people to “flatten the curve” through stay-at-home measures. With this matter getting more serious by the day, millions are forced out of work and are looking to gain unemployment benefits.

The US Labor Department announced last week that 3.3 million people filed for unemployment benefits and as of today the unemployment rate is at 6.65 million, making American history with a record-breaking unemployment rate. Currently, more than 80% of Americans are in lockdown, increasing from the last figure when it was 50% of the population in lockdown.

 

“A rough look at the most affected industries suggests a potential payroll job loss of over 16 million jobs. The loss would be enough to boost the unemployment rate from roughly 3.5 per cent to 12.5 per cent, which would be its highest rate since the Great Depression.” – David Kelly, chief global strategist for JPMorgan Funds NY

 

This has left the unemployment office with an unprecedented rate of applications and more people filing for benefits. President Donald Trump also made history last Friday for his unprecedented $2.2 trillion fiscal package.

Along with the trillion-dollar investment, the new application system will have easier requirements that will be beneficial for people who freelance or are self-employed. Unemployment benefits will include up to $600 USD per week for up to four months (equivalent to $15/hour for a 40-hour workweek). The next unemployment report for March will be released Friday for further indication of what is to come.

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