These are the states where the most jobs were lost

The coronavirus outbreak took the American job market from 60 to zero in the blink of an eye.

Stay-at-home orders issued by states to stop the spread of the virus have frozen economy. Workers have submitted more than 58 million requests initials of unemployment benefits, between March 14 and August 22, something that, according to economists, is unprecedented.

“I liken it to a natural disaster, a terrorist attack and a financial shock at the same time,” he said. Gregory Daco, chief US economist at Oxford Economics. “We have never seen anything like this in history.”

California was the first state to issue a stay-at-home and has suffered the highest number of job losses. In a state with a estimated workforce in about 19.5 million people, 7.8 million jobless claims over the span of 23 weeks.

But the flood of claims for job losses comes from everywhere. 52 states and territories have seen more than one in 10 workers eligible to lose their jobs from mid-March. Georgia, Kentucky y Alaska they have experienced the highest percentage of cuts, with more than half of the workers in those states losing their jobs.

Comparing weekly claims reported by the Department of Labor with the same period a year ago shows that, although the loss of jobs has affected all states and territories, the damage has been different in each region and according to their circumstances. .

In Massachusetts, Maryland y Michigan, the virus ended more than a year of job growth. Meanwhile in Texas and Puerto Rico, economies that were already struggling due to the fall in oil prices and by Hurricane Maria and two earthquakes, respectively, the virus made things worse too.

While the week of March 21 was when jobless claims skyrocketed across the country, most regions experienced pre-claims, and Nevada, Texas y Washington, D.C., registered the greatest changes as of March 14.

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Experts cautioned that job loss would likely get worse and it did. Oxford Economics forecast the unemployment rate to rise to 16% in May, and Daco noted that several states, including Maine, Nevada, Vermont y Florida, were more vulnerable to a severe economic shock due to a combination of factors, such as housing older populations, heavy reliance on retail or hospitality, or limited possibilities to work from home, reports NBC News.

In conclusion, unemployment skyrocketed across the country in 2020, but the United States is expected to recover more quickly than other territories such as Europe.

After a 3.5% decline in 2020, US growth should reach 4.3% in 2021, with another 3% growth in 2022, reported from Edmond de Rothschild .

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