A decade of job creation in the US has been wiped out in just a month because of coronavirus.
A decade of job creation in the United States has been wiped out in just a month because of the coronavirus pandemic.The CBA's head of international economics says the global economy is in very deep recessionAbout 5.2 million Americans filed for unemployment benefits last week, according to the US Labor Department, bringing the total in the month since the virus outbreak hit the United States economy to 22 million, nearly 14 per cent of the workforce.
Not everyone who filed for benefits would be counted as unemployed because of the more than $US2 trillion rescue package which included employment aid for small business. "No monetary or fiscal policy action has the power to revive the economy when the economy is in government-enforced shutdown," he said in an economic note.
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