The number of US citizens filing claims for unemployment benefits shot to a record high of more than 6 million in late March amid the country’s lockdown over the coronavirus (COVID-19) outbreak, which economists say has pushed the economy into recession.
In the current turbulent situation around the world, the economic crisis in the United States could (and likely will) become the trigger sending the entire global economy into the large-scale recession. And the unemployment rate in the United States signals about the scale of this crisis.
In March, President Donald Trump signed a historic $2.3 trillion package, with provisions for companies and unemployed workers. The Trump administration is undertaking extraordinary measures to contain the economic crisis and make its consequences softer. This includes a system help to people and companies affected by the crisis. The only another European country that employs a similar approach is Germany.
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