Joseph Pruitt

Coronavirus in the U.S. created volatile stock markets with analysts warning that more than half of American jobs are at risk to be lost. The Dow Jones industrial average dropped more than 2,997 points on Monday, marking its largest single-day point drop in history (WP 1). Following the plunge, Treasury Secretary Steve Mnuchin announced a potential $850 billion stimulus package which includes direct cash payments to Americans (WP 2). Following this announcement, the Dow rose more than 1,000 points on Tuesday (WP 2).

Moody’s Analytics, a risk management company, projected that out of the 153 million jobs in the U.S. economy, 80 million are at risk (CNN). A weekly survey by Moody’s Analytics showed that only 12% of businesses are currently looking to hire, compared to 41% in December (CNN). Further, Mnuchin warned that the unemployment rate may reach 20% if the government does not act (CNBC). U.S. President Donald Trump announced that emergency financial aid will be available within 2 weeks (The Guardian).

Posted March 20, 2020