Global RiskNews Briefs

Coronavirus: Pandemic sends US jobless rate to 14.7%

In April, the US unemployment rate has reached 14.7%, higher than that experienced during the Great Depression of the 1930s, with 20.5 million jobs lost due to the coronavirus pandemic. Two months ago, the unemployment rate hit a 50-year low, experiencing a 3.5% jobless rate. On Thursday, released data showed that 3.2 million Americans sought unemployment benefits last week, raising the total of unemployment claims since mid-March to 33.3 million.

Recently, companies such as Uber, Lyft, and Airbnb announced cuts as the lockdown measures restricted significant amounts of travel. Restaurants, medical practices, and administrative workers among many other industries have been impacted severely by the economic crisis resulting from COVID-19 shutdowns.

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