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U.S unemployment soars thanks to Covid-19

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Covid-19 has started to make a damaging wreak in our economy. As more parts of the country go into lockdown mode and pushing companies to the verge of bankruptcy, unemployment claims started to soar this week.

Historically this was the fastest rise in unemployment numbers. It was just recently we wrote about how great the economy has been (in terms of GDP and employment rate). Federal Reserve reduced the borrowing rates to near zero. The U.S congress passed an emergency Stimulus bill (called CARES ACT) of a whopping 2 Trillion dollars to help pay the unemployed (upto $1200 per month for 3 months) and affected businesses in the States (such as Travel industry, Banking etc).

Here are the numbers

Unemployment numbers soared in 2020

For the week ending March 21st, number of Americas filing for unemployment surged to a record breaking 3.3 Million. It easily beat the expectation set by leading economists at 1.64 Million claims. Our prediction is that these claims will continue to raise until we come out of this pandemic.

Top Companies hiring during Covid-19 crisis

On the other hand some employers are increasing their hiring as consumers have changed their work-from-home lifestyle to adapt to quarantine restrictions.

Instakart – Online grocery delivery

Amazon (incl WholeFoods) – From books to grocery

Walmart – Retail giant

CVS – Healthcare and drug

Albertsons (Dollar General etc) – low cost staples food

Dominoes – Pizza delivery

7-Eleven – Convenience store

Pepsi – Consumer staples

Netflix – Online Streaming Entertainment

GenenTech – BioTech

Top jobs in demand during Covid-19 crisis

  1. Delivery Driver
  2. Grocery store sales clerk
  3. Health care specialist
  4. Programmer
  5. Construction worker
  6. Warehouse manager
  7. Mechanic
  8. Psychologist
  9. Nurse
  10. System operator

You can check out our Jobs Market platform for a list of recently published remote opportunities.

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