Job Losses in March Could be the Worst in A Decade, It’s Just the Beginning.

Job Losses in March Could be the Worst in A Decade, It's Just the Beginning.
Job losses

Current News And Updates On Covid-19.

The coronavirus began in the city of Wuhan, spreading to hundreds of countries around the globe. The WHO is in partnership with medical specialists to help in coming up with a specific treatment of the virus. Discovery of chloroquine on covid-19 symptoms gave much hope to people around the globe. This might be the end of a beginning pandemic. This as lead to job losses around the world.

Governments in various countries are emphasizing on the proposed guidelines by WHO to help contain the spread. Financials institutions are to ease their financial policies during this time to reduce pressure for its citizens. Other major companies are offering free services for their customers for some time.

Countries such as South Africa and the United States are striving to provide financial relief for its peoples. This is because of the current world order of people working from home, which leads to millions of people losing their jobs, especially in the US.

As much as working or staying from home might help contain the spread of the disease, it has its disadvantages. Particularly the production sectors are in danger and this brings shortages of commodities as businesses close and large layoffs experienced.

Police and airport attendants are working with the government to help to detect and trace people with coronavirus. Cases in the world stand over 1 million recoveries at 212072, and the death toll is over 50000. Kenya has 110 cases, 4 recoveries and 3 deaths as of Thursday. The United States stands at 245175 cases, 10403 recoveries and over 6000 deaths. In Italy, the most affected, the cases are over 100000 while recoveries and deaths are over 12000.

The State Of Workforce In The United States.

Last month experienced a lot of job losses as millions of Americans lose jobs and other file claims on unemployment. Reports say that this month the situation might worsen, since only a portion of unemployment was in March.

This issue arose more after the country issued orders of people to stay and work from their houses. Economists say about 10 million citizens are seeking unemployment benefit funds from the government. They expected a reduction of over 98000 non-farm payrolls. Non-farm payroll is a list for construction and manufacturing firms in the United States. It excludes farmworkers and non-profit companies’ workers.

Michael Gapen’s, the chief US Economist, Views

He says that the labor market situation fell last month. Michael says that during this month, the state of labor markets could get worse than it was before. Gapen expects an unemployment rate of over 10% in this current month (April).

His statistics confirm that the people staying at home are responsible for over 80% of the Gross Domestic Product.

Michael Gapen says, “The main message is the labor market conditions slipped in March. With the last two initial claims reports we’ve seen; we know April will be a disaster for labor markets. We still have two more weeks, and we’re probably looking at an unemployment rate of over 10% in April.”

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