Economic implications from the coronavirus pandemic continue as the length of business closures, unemployment and uncertainty grow. Cases around the country continue to increase, which worries experts about the state of the economy that has already been hit hard.
States continue to reopen economies and people are starting to return to work in some areas. Yet 44 million first-time unemployment insurance claims have been filed in the past 12 weeks. The Federal Reserve predicts that the unemployment rate will be more than 9% by the end of 2020. May’s unemployment rate was lower than expected but experts warn that the economic problems are far from over. “The May employment report, of course, was a welcome surprise,” Fed Chairman Jerome Powell said. “We hope we get many more like it. But I think we have to be honest. It’s a long road.”
The stock market responded badly on June 11 with its biggest single day drop in three months. Traders are concerned with the number of coronavirus cases increasing across the country. Shares were growing in hopes of the economy reopening, but that outlook seems to have faltered.
As the coronavirus pandemic sinks into its 4th month, Americans are struggling to live on unemployment or savings. In March and April, some states provided rent relief but many protections are set to expire. As the pandemic has hit renters especially hard, experts warn about increasing evictions as the summer approaches.
Between March 25 and April 10, half of renters aged 18 to 64 said they were having trouble paying utilities or rent. Unemployment insurance benefits are set to expire at the end of July, worrying experts about the future state of housing and homelessness.
Solomon Greene, a senior fellow in housing policy at the Urban Institute, told CNBC Make It, that unemployment benefits are what’s keeping many people paying their rent. Diane Yentel, president and CEO of the National Low Income Housing Coalition, said that governments must step in to help or there will be a “tsunami of evictions and a spike in homelessness” affecting both individuals and the national economy.
Scientists believe that the spread of COVID-19, or coronavirus, started at an exotic animal market in Wuhan, China. You can help stop the incidence of viruses like these by signing this petition to ban the wildlife trade.
This is a good time to reconsider our intake of animal products to stay healthy. Eating more plant-based foods is known to help with chronic inflammation, heart health, mental wellbeing, fitness goals, nutritional needs, allergies, gut health and more! Dairy consumption also has been linked to many health problems, including acne, hormonal imbalance, cancer, prostate cancer and has many side effects.
Interested in joining the dairy-free and meatless train? We highly recommend downloading the Food Monster App — with over 15,000 delicious recipes it is the largest plant-based recipe resource to help reduce your environmental footprint, save animals and get healthy! And, while you are at it, we encourage you to also learn about the environmental and health benefits of a plant-based diet.
- Weekly Vegan Meal Plans
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- The Ultimate Guide to Plant-Based Nutrition
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Catch up on our latest coronavirus coverage in One Green Planet, check out these articles:
- How Coronavirus and the Wildlife Trade are Linked
- Coronavirus Update: States Start Relaxing Social Distancing Orders
- New Guidelines for Pet Owners from CDC
- Plastic Waste Soars During Coronavirus
- Coronavirus Update: Many Patients in New York are People Who Didn’t Leave their Homes
- Company Makes Face Masks from Ocean Plastic
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