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Unemployment surge imminent in United States

The surge in unemployment is imminent in the United States and there is also going to be an increase in the claims for unemployment insurance which is looking threatening as it might swamp this system for the paying and claiming of benefits. The surge has been unprecedented in terms of history that it has defied all the efforts for forecasting where this economy may be headed in the future and has underscored the extent to which the threat of coronavirus has been different from the mechanics of the Great Recession in the year 2008 however it is a lot more severe in terms of its impact.

In the region of Pennsylvania for instance, there have been reports from the labor department and industry which suggest that they are going to be seeing a minimum of 121,000 claims in the week. In contrast, the claims had been 281,000 all over the country last week which was a significant rise too from the levels of 211,000.

The administration of Trump had been alarmed by the data leaking and the complexities of its agencies that it has now asked the states to not talk about the claims which they have been seeing till the reports come out officially on this Thursday. There are researches which have leaked that the claims are going to reach as much as 2.25 million. This as a number is going to be nothing short of record breaking. Goldman Sachs has estimated that the spike is going to be ruining all the unemployment charts of the future as well. This has been the effect of the coronavirus outbreak all over the world and the public health lockdown.

 

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