The unstoppable rise of corona patients in the US is posing a high threat in the nation’s recovery. Thursday, the government reported a 7.5% rise in retail sales, the credit card spending shows a different picture, which seems to stop increasing.
Last week, nearly a million people applied for the unemployment benefits, which shows that the employers are still cutting jobs and firing people.
Before the corona crisis, only around 200,000 people used to request for unemployment program benefits. However, it is for the 17th consecutive week in the US that more than a million people sought for the program.
Experts predict that the US Economy growth rate, which is already slow. It might stop growing if the cases kept increasing and the trend continued.
Meanwhile, the US is one of the worst affected countries by the pandemic, with around 3.7m confirmed cases. The average new deaths in the nation have also increased to 730, more than 21% increase from last week. Also, the official data confirms around 141,120 deaths, due to corona, only in America.
Struggle of US Economy
The US is also encountering a severe job crisis, which is costing the federal administration more burden. Last week, American Airlines and United Airlines warned their employees that they might lose their jobs. It includes 25,000 of former and 36,000 of the latter one, due to sharp reduction in air travel and bans.