Total Number of Coronavirus cases in the United States has crossed the One Million and that is more than one-third of the total cases across the globe. The country also suffered more than 60,000 fatalities due to this contagious virus for which there is no cure or vaccine.
The impact of the virus and the subsequent Lockdowns have been unimaginable for the country’s economy. The commerce department announced the economy shrank 4.8% in the first three months of the year. This is the steepest economic slump to the country ever since the 2008 recession.
So far 26 million people filed for unemployment benefits which means a decade of job gains were erased in just one quarter. Probably, the next set of figures will be able to reflect the actual position. Kevin Hassett, senior economic adviser to the White House has predicted that the GDP could fall at an annualized rate of 30% in the next quarter.
Leading Global Financial Services Firm, Goldman Sachs expects a 15% unemployment rate in the US by mid-year, which is currently at 4.4%. Plainly speaking, the amount of damage the virus has caused will be like the country will be pushed back by two decades if not contained by the end of next quarter.
