During the week that ended on May 30, 1.9 million people filed for unemployment insurance. That capped off an 11-week period during which a total of 43 million individuals filed a claim.
The IRS had issued about 150 million direct payments to Americans — totaling nearly $260 billion — to help mitigate the financial burden of the COVID-19 pandemic.
Before the pandemic, the U.S. economy was in its longest expansion since World War II and had notably low unemployment. The pandemic and the resulting reductions in social and economic activity, however, have altered that trajectory.
COVID-19 has spread to nearly every country in the world, and to help reduce the health risk and save lives, many countries have imposed limitations on business activity, congregating, and traveling.
The outbreak of COVID-19 has become both a public health and an economic crisis. In particular, the closure of many businesses has resulted in an unprecedented surge in unemployment claims in the United States.
A large decrease in revenues and a large increase in spending have led the Congressional Budget Office to estimate a deficit of $737 billion in April 2020.
