The Effects of COVID-19 on Unemployment Insurance Claims

virus COVID-19, informally known as coronavirus. Less than three months later, economies across the world are feeling the effects of nationwide lockdowns and economic uncertainty as a result of the coronavirus pandemic. One by one, U.S. cities are imposing the shutdown of public places and non-essential stores, with numerous stores temporarily closing of their own accord. These shutdowns have resulted in a massive, nationwide spike in layoffs. The increase in layoffs has translated into a dramatic rise in unemployment insurance (UI) claims. On March 21, the number of weekly U.S. UI claims reached nearly 3.3 million—its highest level ever. Layoffs are expected to continue as the economic effects of the pandemic worsen, The Effects of COVID-19 on Unemployment Insurance Claims