The economic impact of the coronavirus in 7 key numbers

Written by Laura Dyrda | March 24, 2020 | Print  |

Here are seven numbers that show the economic impact of the coronavirus.

1. The coronavirus could cost more than 5 million U.S. jobs, according to the Wall Street Journal.

2. The number of jobless claims hit 281,000 last week, according to CNBC.

3. The loss in gross domestic product due to the coronavirus is projected at $1.5 trillion. The CDC projects the nation's GDP in 2020 will drop by $1.8 trillion by the end of the year, or 8.4 percent, according to the New York Times.

4. U.S. economist at Oxford Economics Greg Daco estimates that output will fall 0.4 percent for the first quarter of the year due to the coronavirus and 12 percent during the second quarter. Goldman Sachs expects a 24 percent drop in output for the second quarter, according to the New York Times.

5. The unemployment rate could hit 10 percent in April, meaning 16.5 million people would be out of work, according to Mr. Daco. The Treasury Secretary has said that there will be 20 percent unemployment if the intervention isn't effective.

6. On March 23, stocks dropped after U.S. lawmakers could not come to an agreement to pass a stimulus package, reportedly worth at least $1.6 trillion, and the Dow and S&P have fallen more than 30 percent during the quarter making it one of the worst first quarters in history. Stock futures also hit the 5 percent maximum loss allowed on March 22, according to the Wall Street Journal.

7. At least 80 million Americans are under some sort of shelter-in-place or stay-at-home order, according to CNBC.

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