The United States has been greatly affected by the coronavirus. The level of employment diminished notably in the recent period, and the coronavirus threatens the largest business body on the planet with serious problems that will require long-term rehabilitation.
Unemployment in America has reached an unprecedented 14.7% since the Great Depression. A lot of people that were left unemployed come from Florida. In just a month, quarantine destroyed more than 20 million jobs in the main economy of the world.
This is an unprecedented failure for a country that for a decade after the financial crisis of 2008-2009 with enviable tenacity for more than 100 consecutive months created, but did not lose jobs, and as a result, by February reduced unemployment to a minimum of half a century at 3.5%.
Florida’s financial industry has been particularly affected by the pandemic, and the state has had a sharp decline in the financial industry. A lot of immigrants from But there are nuances: for example, the majority of the unemployed are not temporarily employed, but they have saved their places, while others have chosen a huge allowance for low wages.
Financially Florida found it hard to tackle the virus. Yes, we are talking about one of the most advanced states in the United States, but according to 55Brokers website, the state was one of the most affected states considering the financial indicators.
For President Donald Trump, the situation in the country and in Florida is a huge headache. He needs to be re-elected for a second term in November, and before the pandemic, his trump card was impressive economic growth. Trump credited himself with the ability to create jobs and increase wealth in the richest country in the world. The stock market beat records, voters did not pay attention to doubts that this was the merit of Trump, and not Barack Obama, his predecessor.
However, coronavirus not only led Florida in terms of the mournful mortality rate from the virus but also caused a huge downturn in the economy.
The financial industry in Florida has stopped, and Trump is eager to launch it, despite the threat to the life and health of citizens.
Is everything so bad?
Since the Great Depression between the two world wars of the last century, US unemployment has never taken such a menacing scale: the previous peak in the 1980s barely exceeded 10%.
And even more so, it has never lost tens of millions of jobs overnight in modern history – a lot of were in Florida. The previous “record” belonged to 1945 when World War II ended, and America switched from a mobilization military to a regular mode of work. But even then, the decline was 10 times lower – less than 2 million jobs per month.
Florida won’t be able to quickly recoup such losses and return to pre-virus record low unemployment rates in the coming years, economists warn. Most importantly, the state’s traders which have had Forex trading as a part-time job across the United States have been forced to abandon trading, because they left main jobs. Because of that, many people started doubted the legitimacy of brokers, and even brokers like XM were a part of such a “campaign”. They started to ask questions: is BDSwiss safe? And the pandemic greatly damaged this industry.
Anti-crisis measures approved by Congress and signed by Trump for an astronomical amount of more than $3 trillion include an additional unemployment benefit of $600 a week until the end of July. And Florida is considered to be one of the main donors.
As a result, the average payout will reach $978 per week. At the time when the pandemic wave reached the United States, half of those who are now eligible for increased benefits earned less – $957 per week, the Wall Street Journal reports the US Department of Labor.
In conditions when it is more profitable for a freelancer or trucker to receive benefits rather than returning to work, unemployment data can be considered artificially inflated. On the other hand, they are just incomplete.
Hidden unemployment in Florida and financial problems was an issue even before the crisis. While the authorities blew record-breaking low rates, the skeleton of the able-bodied population in the prime of life simply did not look for work. For example, every tenth managed 25-54 years. As a result, official unemployment among this category barely exceeded 3%, although more than 12% did not really work.