The coronavirus pandemic is affecting a lot of human life aspects and one of them is trade. The economies of even the most powerful countries have been destroyed completely.
Millions of people have lost their jobs as businesses laid off their workers and some even shut down. The economy of a lot of nations experienced major downfall and are struggling to recover.
In the United States of America, the situation is not any different. As the cases began to rise in the states, the US economy took a huge blow.
It has been more than six months now since the virus caused absolute chaos and nations are assessing their economy. Evidence is being gathered about the magnitude of the havoc in the US economy due to the Global Pandemic.
In the US, one of the most dramatic pieces of evidence that show economic deterioration is unemployment. This has been proven through the data gathered about the number of people who lost their jobs.
A whopping 16 million Americans have been reported to have applied for the Unemployment benefit within three weeks. This is especially concerning in terms of the short period in which it happened.
When the coronavirus began to spread in March, the retail sales dropped by at least 8.7%, which is the biggest drop in the history of retail sales. What makes it worse is that almost three-quarters of the GDP comes from consumer activity.
This clearly shows, how much the economy will experience a significant downfall. This has also prompted researchers to see what became of the US manufacturing output.
Apparently, the US manufacturing output also fell by at least 6.3% in March, which is an alarming figure. America’s top big shot companies have also reported their profit for the first three months of the year 2020 during this calculation.