Coronavirus Pandemic and its Impact on the Economy

By Jordan Pope May 7, 2020, 9:00 AM

The U.S. economy has suffered more than it has in years, reaching the loss of 20.5 million jobs in April making the unemployment rate rise to 14.7%. There has been a serious surge in the amount of jobs lost during this pandemic according to the data being released by the U.S. Bureau of Labor Statistics, in February, the unemployment was at an all-time low of 3.5%.

“It’s hard for us to just make it day by day, while some people have gotten their unemployment and their stimulus we still haven’t gotten ours,” David Jenkins, former Exxon Mobil operator said during a recent interview.

While oil and gas are still a necessity, layoffs and demotions are still being made in order to adapt to the coronavirus pandemic.

“I find it difficult to believe that we don’t know when we might get a chance to return to work,” Jenkins said, “I just remain humble and pray every day that something is resolved at least enough for me to take care of my family of three because they are looking to me for protection and direction but during this time I am not even sure how I can protect myself, it’s quite disheartening.”

Other sectors that are being hit hard include the hospitality industries, amounting to the loss of 7.7 million jobs even though unemployment has been shared pretty evenly among most other industries.

Education and health services which are still considered essential still lost about 2.5 million jobs, the retail employment lost close to 2.1 million jobs, manufacturing employment fell by 1.3 million but when it comes to the food and drinking services they have lost up to 5.5 million jobs during this pandemic.

“I have been in the service industry for most of my life, living off tips and making $2.13 and hour already was already hard enough to try to pay the bills, now my life has been completely turned upside down,” Jordyn Johnson, former bartender for bombshells mentioned.

The amount of people filing for unemployment has increased at such a tremendous rate. The unemployment office has found themselves unable to keep up with all of the activity. It has been noted that during this month the unemployment rate has increased to 14.7% resulting in the highest rate, quickest and largest over-the-month increase since the Bureau of Labor Statistics started keeping record back in 1948.

“I have been trying to contact the unemployment office for months now and either there is a busy tone or something going on where I just cannot seem to reach them or even talk to anyone about the situation,” Johnson said, “I am months behind on rent, car notes, loan payments and everything in between, sometimes I don’t even know where my next meal is coming from. I never knew how true it was, but a lot more people than you would expect are only one pay check from being homeless and that’s what this virus is proving.”