The COVID-19 pandemic has caused jobless claims to spike to its highest level in more than two years. As layoffs are expected to worsen significantly due to businesses downsizing, 70,000 more Americans filed for unemployment last week. This marks a 33% jobless increase.
The Administration believes unemployment could reach 20% without the president’s economic relief package. Before the outbreak, the U-S was at a historically low unemployment level of 3.5%