A record shattering 3.28 million people have applied for unemployment benefits last week as the coronavirus crippled businesses across the United States. The Department of Labor released the report for the week ending March 21. COVID-19 crisis has forced many businesses to shut down or pivot their operations. Every citizen is feeling some type of impact from these closures.
"This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series," the department said of the latest figure. "The previous high was 695,000 in October of 1982." The Labor Department's records go back to 1967.
Bars and restaurants of all sizes have felt the tremendous impact of the repercussions. The travel industry such as cruise lines and airlines are feeling the crippling effects of this global economic crisis.
States that depend heavily on travel and tourism such as Nevada and Florida are hit hard as they're shut down. According to the Hotel and Lodging Association, as many as one million jobs have been lost this month.
Goldman Sachs has predicted that the jobless rate could hit 13% nationally in the next few months.
Big retailers are feeling the impact in a different way. They're overwhelmed with a larger number of customers trying to buy the items they essentially need. The biggest challenge is keeping the shelves stocked with shipments arriving via truck continuously. These businesses are hiring to to the increased demand. Restaurants have shut down their inside dining rooms and switched to offer pick-up, curbside and / or delivery options to stay in business.