Countries all across the globe are being ruled by economic disturbances, and the United States hasn't been safe from it either. The unemployment rate in the United States was at an all-time low ever since the period of the Great Recession. With the sudden emergence of COVID-19, the economic matter has only been going downhill. Undoubtedly, this entire period of the novel coronavirus and its impact on the United States can be termed as just another recession.
So how has the economy been affected? The future looks gloomy and uncertain provided the current circumstances in which a majority of people have lost their jobs. The majority of these people are those who were employed in sectors which have been effected in the worst manner and have no chance to thrive from a work-at-home model for its employees or remote working opportunities. An example of these is hotels and tourism and travel industries. Not only the unemployment rate but new job positions in these industries are not likely to spring up until and even after the global pandemic comes to an end.
Also See: The impact of Covid-19 pandemic on the global economy #infographic
Due to the current pandemic situation, the GDP growth has come to halt and if we are to look at the statistics below, we can find that the longest duration from the Recession till February 2020, has provided for the most minimum economic growth. See the infographic below for more information on how the longest growth cycle for the United States since World War II, has dramatically come to an end due to the coronavirus.
Infographic by: Statista
