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Coronavirus impact in the US: unemployment and GDP decline

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Magazine Issue: 
2020, the year of COVID-19 [3]
Magazine date: 
May 2020

USADue to Coronavirus outbreak, the United States will be facing the worst economic recession ever recorded. Lockdown measures have resulted in the closure of almost all industries.

According to Kevin Hassett, advisor of the US president, the unemployment rate which hasn’t risen above 3.5% in the last fifty years, may reach 16% by the third quarter of 2020. This increase could follow up to 2021 with a rate exceeding 10%.

Since mid-March 2020, around 26.5 million Americans have applied for unemployment benefits. If the crisis persists, the GDP could decrease by up to 40% in the second quarter of 2020.

Read also | The American insurance market [4]

Fri, 08/05/2020 - 09:11

Source URL: https://www.atlas-mag.net/en/article/coronavirus-impact-in-the-us-unemployment-and-gdp-decline

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[4] https://www.atlas-mag.net/en/article/the-american-insurance-market-the-world-s-number-one-market