WASHINGTON – The U.S. economy is likely to end in a 113-month landmark job surge in March, resulting in severe steps to control businesses and factories affected by the Coronavirus epidemic. It is also confirmed that Coronavirus hits U.S. and the recession is going on.
The Labor Department’s nearly monitored employment report on Friday does not reflect the economic genocide that the infectious diseases affect. In mid-March, the government surveyed businesses and households for this report, before a large segment of the population was subjected to some lockdown, leaving millions of people out of work.
Friday’s report can intensify Trump’s management’s criticism of tackling the public health crisis. This report criticizes President Donald Trump in his early stages of reducing the risk of pandemic disease. Already in the last two weeks of March, statistics have filed 10 million Americans for unemployment benefits.
The United States has the highest tool for confirmed cases of COVID-19.
According to the Reuters tally;
There are more than 214,000 diseased people infected. Almost 5,000 people die due to this virus.
According to Chris Rupke, chief economist at MUFG in New York;
“The economy fell prey into a ditch.” Washington and state governments were not ready for the fast feast and overwhelming loss of the virus. If businesses remain closed and workers stay at home, it is a loss to the economy.”
Economists are also in fear that the fast shutting of businesses is hard for the Department of Labor to get the intensity of the roof correctly. There is also the idea that the $ 2.3 trillion financial packages contracted last week by President Donald Trump, freely provides for the unemployed, and the federal government’s easing of requirements for workers to receive benefits.
Additional stimulus required
The unemployment rate is to rise by 3.8% points in March. With the unemployment balloon ranging, economists say;
The unemployment rate in April can increase to 10%. The increasing loss of jobs is causing devastation in gross domestic product. Economists say the government and the Federal Reserve require to give extra incentives.
Economists believe that GDP signed rapidly in the first quarter and that the economy receded in March.
The National Bureau of Economic Research, a private research firm considered to be a mediator of the U.S. recession, and It does not explain the recession due to a two-quarter decline in real gross domestic product. Because in several countries, there is a rule of thumb. Instead, it has to decline in activity, expand throughout the economy, and search for more than a few months.
The pay rise may remain stable in March. But it’s all in the backdrop. On average, hourly earnings can increase by 0.2% in March after a 0.3% increase in February. It may keep the annual wage increase of 3.0%. Last month’s workweek dropped from 34.4 hours in February to 34.1 hours.