The Economic Crisis Of Corona

Weekly+Initial+jobless+claims

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Weekly Initial jobless claims

Aurora Odell, Reporter

Due to the coronavirus, many businesses, organizations, and agencies have been temporarily closed to promote safety and reduce the risk of spread. However, because of the recent closings, the economy has taken a hit in return for safety. 

In the past 10 weeks, 40.8 million Americans have filed for unemployment according to the Department of Labor, this number though does not include the millions laid off by their jobs. Nordstrom, the top-performing department store in the U.S has said that their sales have dropped 40 percent in the first quarter due to the pandemic. But beyond big corporations, smaller businesses and the self-employed are also being impacted. For small businesses, it is detrimental to their business to be closed as they are no longer able to be provided with their only source of income and are at risk of bankruptcy and closure. These business owners are living in fear as their debt rises and they unable to bring in revenue to pay off these debts and make payroll. 

Luljeta Odell, a chef for a catering company, has recently been unable to work due to Edinboro University being shut down and events being canceled. When asked about how she feels about her unemployment she responded, “I miss working and I know many people who are struggling without work, I am hoping to be able to go back to work in the fall.”  I personally have been fortunate enough to receive an average rate of pay from my job at T.J. Maxx; however, other workers were not able to live off of just their average pay. 

The stay at home orders have shut down many businesses, but many people have found other ways to generate an income such as junior Anna Chernicky, who has recently opened an Etsy shop selling masks. Although the pandemic has shut down many services, it has also created a demand for essentials such as masks, cleaning supplies, and activities to keep occupied at home. As the weeks go on, many are hoping for a reopening of the economy and government officials are working to stimulate the economy as best as possible.