Question

The US economy has erased nearly all the job gains since the Great Recession PUBLISHED THU, APR 16 20208:59 AM EDTUPDATED THU, APR 16 202011:51 AM EDT Thomas Franck@TOMWFRANCK


KEY POINTS • The Labor Department reported that the number of Americans applying for state unemployment benefits totaled 5.245 million last week.
• Combined with the prior three jobless claims reports, the number of Americans who’ve filed for unemployment over the last four weeks is 22.025 million.
• That number is just below the 22.442 million jobs added to payrolls since November 2009, when the U.S. economy began to add jobs back after the recession.
  
It took only four weeks for the U.S. economy to wipe out nearly all the job gains in the last 11 years. The coronavirus and the forced closure of business throughout the country again fueled the number of Americans applying for state unemployment benefits, which last week totaled 5.245 million, the Labor Department reported Thursday. Combined with the three prior jobless claims reports, the number of Americans who have filed for unemployment over the previous four weeks is 22.025 million. That number is just below the 22.442 million jobs added to nonfarm payrolls since November 2009, when the U.S. economy began to add jobs back to the economy after the Great Recession. Only 417,000 more U.S. workers need to file for unemployment benefits to erase all nonfarm gains since 2009, a figure likely to be easily surpassed this week.
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   The rapid nature of the job losses will be unprecedented, wiping out more than a decade’s worth of job gains in five weeks. We’ll find out for sure next Thursday when the national claims for this week are reported. “While today’s jobless numbers are down on last week, they still mean that all the job gains since the financial crisis have been erased,” wrote Seema Shah, chief strategist at Principal Global Investors. “What’s more, with many workers, including those in the gig economy, not included in these numbers, labor market pains may be even worse than these numbers suggest.” “Concerns for the second half of the year may be underestimated,” she added. “Although governments are looking to lift lockdowns, the reopening of economies will be only gradual, compounding financial strains for businesses and households, suppressing demand and suggesting a slower economic recovery.”
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       Though investors won’t receive the official look at the U.S. unemployment rate for this month until May 8, the Labor Department’s latest nonfarm payrolls report showed droves of layoffs at restaurants and bars as some state governments force the closure of the majority of their businesses. The latest nonfarm report showed payrolls plunged by 701,000 in March, marking the first decline since 2010 and the worst fall since March 2009. The unemployment rate jumped nearly a full percentage point to 4.4% from 3.5%.
   

Instruction

summarize this article, with 30 complete sentence.

Answer 1

This article is all about the great recession happened in US economy due to coronavirus which erase all the jobs of the people. The impact of coronavirus is very scary because over one week there was 5.24 million people were applying for unemployment benefits in US which was reported by the Labor Department on Thursday. When we look in to the last four week it is about 22.025 million. It is below the number of jobs added to nonfarm payrolls on November 2009. It was done by US economy when the workers need to file for unemployment benefits to erase all nonfarm gains. This job less is quietly unpredictable and it wipe out more than a decade's worth of job gain over few weeks. Many of the peoples said they are still optimistic on the US economy that they will recover all the economic problems. There may occur a slow recovery for businesses and households. Government are trying to lift lockdowns. One of the chief strategist at Principal Global Investors Seema Shah said that today's jobless numbers are down on last week and they still mean that all job gains since financial crisis have been erased. She also added that labor market gain is a worse situation and may have the chance of increasing this worse situation than current situation. Government were trying to solve all the economic situations. But it will took lot of time and can't take any action quickly. Still they can't tell when all the businesses and lockdowns will over. It is because of that corona virus has been spread all over the US and currently the health department can't able to handle the covid-19 patients in the hospital. So in this time everybody should need to be patient and need to wait for the economic backup in US. Investors won't receive the official look at the US unemployment rate for this which until May 8. This was reported by the Labor Department's latest nonfarm payrolls which shows droves of layoffs at restaurants and bars as some state governments force the closure of majority of the businesses. The latest reports shows that payroll plunged by 701,000 in March were the first decline since 2010 and the worst fall since 2009. All this report shows that how much this outbreak lead to the economy of US badly. All the peoples were affected this even in one way or in another way. Many of the lost jobs and the unemployment rate jumped to increase from 3.5% to 4.4% in these days. There may be changes of increase in this percentage when more days lockdown were happen. The more unemployment rate occurs, more will be economic downturn in the US economy. Surely this will take time for the government to regain all this and back to a normal period. This report clearly states that there shows an increase in the unemployment rate in the US economy over each and every weeks. This economic crisis has been worse which were like the crisis which occurred lastly on 2009. Over the last 11 years US economy were trying very much for the growth and fortunately they can able to achieve it. But this outbreak of COVID-19 change all the gains into losses. So the outbreak of coronavirus as lead many problems in the US economy. So we can said that will be a difficult task for government to help all the peoples of US.