The U.S. economy fails to maintain recovery as coronavirus rages

The U.S. economy fails to maintain recovery as coronavirus rages

Business

Home sales are on the rise. Stocks reached record-levels. Global manufacturing clambers out of the pit it plunged into early this year. And yet the U.S. economy is nowhere near restoring its health, with low unemployment, free-spending consumers, and booming travel, until the March coronavirus crippled the world. Not as the influenza epidemic still rages, and Congress remains stuck to offering further relief to tens of millions of people who have been thrown out of jobs, and to state and local governments whose income has withered.

In May, June and July, employers added almost 9.3 million jobs overall. Today, just 42 per cent of jobs lost in March and April have been replaced by the recruiting boom. Over 27 million people still receive some form of jobless assistance. In addition, a summertime revival of reported cases of COVID in the South and West forced several companies to close again in July. The data firm Womply estimates that company losses have stabilised for the most part over the past four weeks. Still, as of mid-August, 70 per cent of Texas bars and 71 per cent of health and beauty shops in California were closed, Womply reported.

In addition, a summertime revival of reported cases of COVID in the South and West forced several companies to close again in July. The data firm Womply estimates that company losses have stabilised for the most part over the past four weeks. Still, as of mid-August, 70 per cent of Texas bars and 71 per cent of health and beauty shops in California were closed, Womply reported.

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