US unemployment claims increase, service industry most affected

United States government on March 19 released a data that showed unemployment rate in country has surged due to vel coronavirus outbreak. According to reports, data showed that claims for unemployment insurance in United States have risen rapidly in past few weeks, particularly in hotel and services sector. A separate report showed that manufacturing activity in Philelphia has collapsed due to virus outbreak that has forced businesses to shut down. 

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According to reports, initial jobless claims in United States jumped 70,000 to 2,81,000, highest level since September 2017. United States labour department said that increase is solely due to impact of coronavirus outbreak that has forced businesses to shut down. labour department said that layoffs are largely in hotel and food sector and also in transporting and warehousing industry. 

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United States government has reportedly prepared an $850 billion stimulus pack to deal with effects of coronavirus on country's ecomy. airline industry has asked for financial support from Trump ministration and has sought $50 billion in aid from government as sector is slowly moving towards bankruptcy due to shut down of borders and ongoing ban on n-essential travelling. 

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Coronavirus outbreak

COVID-19 has claimed more than 10,000 lives across world and has infected nearly 2,45,000 people globally since it first broke out in December 2019. China is most affected country in world as experts believe that virus originated from a seafood market in Wuhan city, epicentre of disease, where animals were reportedly being tred illegally. Italy, Iran and Spain are most affected countries outside mainland China, where, as of March 17 combined death toll stands at 5,520. Italy has w surpassed China to record most number of deaths in world due to virus outbreak. 

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