How has COVID-19 affected the U.S economy? Plz answer quickly!
Answers
Answer:
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Explanation:
The U.S. economy has almost certainly entered a contraction.
Unemployment insurance claims reported for the week ending March 14th showed a sizable spike, but the true contraction likely started the following week (the week ending March 21st). It appears that millions of Americans have already lost their jobs, likely at a pace that exceeds job losses in the worst weeks of the Great Recession. Even if economic activity in the United States were not being shut down in support of social distancing, the current spread of the COVID-19 pandemic around the world reduces demand in the world economy and complicates supply chains, and the drop in equity prices lowers household wealth to an extent that would have caused a sizable slowdown in the U.S. economy. When those factors are added to the economic disruption needed to fight the virus, the United States will likely see one of the sharpest economic contractions in its history this March, continuing through the second quarter of 2020. The open question will be how quickly restrictions on activity are lifted and whether the economy can snap back; both will depend in part on policy responses.
Answer:
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