The US has many times shown strong economic performance in many sectors. Therefore, the labor market has been stable across the country for many years. But then the virus came. During several weeks, the epidemic deteriorated the US economy as well as delivered a hard blow to the employment rate. A wave of unemployed people had literally swept the country. Before the outbreak, the US jobless rate was at the lowest levels ever and it did not exceed 4%. Currently, the unemployment rate is five times higher than the anti-record of 2008. Many economists predict that history may repeat itself and the unemployment may reach the indicators of 1953. According to official data, just a week ago, the number of initial jobless claims jumped by more than 1000%, reaching 3.25 million applications. Some analysts assume that the jobless rate may well advance to 27 million people whose work involves close physical contact (hairdressers, service personnel, etc.). Additionally, 67 million Americans employed in sales, manufacturing, and the food industry are likely to lose a job if the situation does not improve. If there are 165 million people in the labor force and 5.7 million people unemployed, it means that the jobless rate may surge to historic highs. Earlier, analysts at Goldman Sachs projected a massive US economic contraction by 24% in the second quarter of the year amid the threat of unprecedented unemployment.
