Close to 3 million people filed for Unemployment this past week, 36 million people are now out of work due to coronavirus.

• Weekly Unemployment rate
• Effect of coronavirus on the economy 
• 3 Mllion people filled for unemployment 
• 36 million people now out of work due to the pandemic. 

As uncertainties about the further impact of the coronavirus, pandemic continues to linger, and businesses shutting down completely, a lot of people have been forced to lose their jobs and claim unemployment. The total recent weekly unemployment claims is shy of 3 million people, at 2.981 million, with the numbers on continuously on the increase. According to Labor Department statistics, the numbers have dwindled for level for six straight weeks but still remain on the high side in US history.

The total number of people who have filed for unemployment insurance so far is 36.5 million, the highest rate in US history. Experts at Dow Jones had predicted the next count of claims to be 2.7 million, but their expectations were beat by an additional 200,000.

The Labor Department also reported than an additional 842,000 unemployment claims were filed last week through the Pandemic Unemployment Assistance (PUA) a federal government program for gig workers, bringing the weekly total to 3.8 million. In only two months almost 37 million Americans have been rendered jobless and sought aid due to the pandemic.

Though many states have begun to ease lockdown restrictions, and nonessential businesses are reopening, it would still take a while before the economy stabilizes and businesses return to normal. Businesses would have to take precautionary measures to prevent further spread of the virus. Social distancing would largely impact businesses as well given that many customers cannot simultaneously be at one location like before.

As of April, the US unemployment rate reached 20 million to 14.7%, a post-World War II high, according to Labor Department. It was hoped that by the end of April the numbers would have decreased, but quite the opposite was the case. This caused the claims to increase by 456,000 making a total of 22.83 million.

Chief Investment Officer at Bleakley Advisory Group, Peter Boockvar said the numbers “are still alarming of course but with more reopening occurring in the coming months they should continue to recede.”

The US economy can be said to be trapped between two major decisions. Health experts warn that reopening the economy too soon would lead to a rise in new infection cases. While Economists are certain that reopening the economy would set things back in motion pretty soon.

“With most states only beginning to ease their lockdowns within the last 10 days, we expect a much bigger swing in hiring versus firing over the next couple of weeks, which suggests then unemployment rate will begin to drop back,” said Paul Ashworth the chief US economist at Capital Economics.