According to a report by the Congressional Research Service, the COVID-19 pandemic is ” negatively affecting global economic growth beyond anything experienced in nearly a century.”
The coronavirus has spread rapidly since late last year and has infected more than 11 million people, globally, killing more than 500,000 people, according to John Hopkins. To protect vulnerable populations, we have seen precautionary measures including social distancing, mask wearing, quarantines, and even shutdowns across the U.S. and the rest of the world.
Nevada shut down in May in an effort to slow the spread of the coronavirus and is now seeing a record unemployment rate — 25.3%, according to U.S. Bureau of Labor statistics. And other states that shut down aren’t faring much better.
The unemployment rate in Washington state for May was 15.1%. New York and Florida are showing an unemployment rate of 14.5 % for May.
The national unemployment rate for June was 11.1%. In comparison, the national unemployment rate during the recession in 2008 was 6.9% in the fourth quarter, although it’s difficult to compare a recession caused by a pandemic and recession caused by a housing market crash.