Coronavirus could PUSH Unemployment in USA to 20%!

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The novel coronavirus is already having its impacts felt by the Americans as all kinds of services including shops, bars, restaurants and casinos are shut across the country. Amid this chaotic situation, there is just another bad news for them as Treasury Secretary Steven Mnuchin warned that the coronavirus pandemic could push up US unemployment rate up to 20 percent!

Treasury Secretary gives this warning shot at a meeting March 17 with the Republican senators. Influential American Media CNN reported citing sources present at the discussion. But Treasury Department spokesperson Monica Crowley denied this as not accurate.

According to the latest US Bureau of Labor report published on March 7, the unemployment rate in the USA in February was at 3.5%, its lowest level in half a century.

At the meeting, Mnuchin also voiced his concerns that the economic impacts from the coronavirus pandemic could be worse than the 2008 financial crisis, said the report citing the source.

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This possible gloomy picture on the employment front came at a time when the coronavirus death toll reaches more than 100 in the USA as now West Virginia also confirmed its first case of the virus. The state became the 50th one to report a case of the deadly novel coronavirus

The state Governor Jim Justice announced the first positive test result there on Tuesday March 17. Governor Justice said the case was in the eastern panhandle of the state, but he gave no other details.

According to CNN tally, there are now at least 5,010 cases of the novel coronavirus in the United States. According to the CDC, of the total cases, there are 70 cases from repatriated citizens. The rest are detected and tested in the US soil itself.


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