Unemployment is at a high

Layne Thompson, Reporter

The recent outbreak of the Coronavirus (also known as COVID-19) has led to statewide “stay at home orders” resulting in high levels of unemployment and business shutdowns. 

Because Coronavirus is a fast spreading virus, the government decided that the best way to slow the spread is to avoid gatherings of people in which the virus can be transmitted. Because of this, a majority of states are on a lockdown, in which all nonessential businesses must close or be a pick-up only business.

This has led to a decline of jobs because many businesses have been forced to lay people off either because they are not working at all, or are not working enough to require a full staff because it would be too costly to the business. Even those that do remain open are not receiving as many customers.

Last week alone, 6.6 million American workers filed for unemployment, a record high. The week before that, 3.3 million filed for unemployment. This month ended a ten year streak of job growth, according to the department of Labor. Since 2010 after the economy recovered from the 2008 stock market crash, there has been an economic boom. Now the economy is in a sharp decline as many continue to lose their jobs and the stock market plummets as a result.

Many are still hoping for a quick end to the virus, that will lead to a fast end to the economic downturn, and a return to a booming economy within the year. Others are less hopeful, saying that it is likely that this recession will have a longer lasting impact on the economy.