Coronavirus Outbreak growing by the hundreds in hundreds of US Communities. The Coronavirus Outbreak is hitting New York City the hardest in the United States – but other metropolitan areas will soon be just as hard hit.
Some of the large metro areas include New Orleans and Detroit, as well as smaller metro areas like Albany, Ga. If the current pattern holds, we could see several metro areas that are impacted just as seriously as New York’s.
The cases that we are seeing via graphs that are on the news on a near daily if not hourly basis are based on the logarithmic scale – this does account for exponential growth.
This shocking and stunning development on the rapid COVID-19 outbreak is making markets tremble. Already, there are reports and analysis from different sources that say that nearly 20 million American workers could be laid off or furloughed by July because of the economic impact of the COVID-19.
Goldman Sachs predicts a 9% contraction in the US economy, followed by a 34% contraction of the USD GDP in the second quarter. Bank of America analysts also made a similar assessment, stating that 16 million to 20 million jobs could be lost, sending the unemployment rate up to an astonishing 15.6%.
This is unprecedented territory – previously, the record high was 695,000 claims in a week. Nearly 10 million Americans have filed for initial jobless claims in the couple recent weeks.
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