Unemployment rate in USA increased due to COVID-19: Clarida
Washington: The unemployment rate in the USA has increased due to coronavirus COVID-19. US Federal Reserve Vice President Richard Clarida said the spread of the coronavirus (COVID-19) has increased unemployment in the country in the past six weeks. The unemployment rate has reached the level of 1940. The Labor Department said that 300,000 people have lost their jobs in the country for the first time in the last six weeks.
Mr. Clarida said today, “We are going through the most serious and unemployment period.” He also said. “Unfortunately, the unemployment rate has reached the level of 1940.”
Mr. Clareda said the country’s unemployment rate was set to rise further. It will depend on the scenario of the economy due to the virus.
He said.”Once the market resumes and people return to their work, the economy may improve. But I think it will take some more time to fully recover from the shock for the labour market. I am uncertain that economic conditions may begin to improve by the beginning of the second quarter.”