COVID-19вЂ“related job losses wiped out 113 straight months of job growth, with total employment falling by 20.5 million jobs in April 2020.

The nation experienced two consecutive quarters of declines in gross domestic production (GDP) the decrease of 9.1% in the second quarter of 2020В was the steepest quarterly drop in economic output since modern record-keeping began in 1947.On March 16, 2020, as mandatory lockdowns went into effect, the stock market crashed: the Dow Jones Industrial Average lost nearly 13% and the S&P 500 dropped 12%.В Among the further grim statistics: history (from June 2009 to February 2020). According to the Brookings Institution, the pandemic brought to a halt the longest economic expansion and bull stock market in U.S. The International Monetary Fund estimates that in the pandemic year of 2020, the global economy contracted by 3.5%. Nonessential travel evaporated, causing massive lost revenues for not just airlines and cruise-ship operators, but also smaller businesses that rely on tourism revenue. Shops and restaurants closed their doors altogether or opened with low seating capacity and low demand to dine in. It's never too late.Д¬ertain industries, such as travel and hospitality, felt the pandemic's impact most directly. The advent of a pandemic is a good time to analyze your financial situation and plan for the worst.government stepped up its vaccine efforts in 2021, which slowed the spread of the virus and enabled more businesses to reopen. Government interventions during the pandemic, such as several stimulus packages, have helped the U.S.Though certain industries, such as travel and hospitality, felt the pandemic's impact most directly, the effect also spread to unrelated industries.The International Monetary Fund estimates the global economy declined more than 3% in 2020 but expects a robust recovery in 20.Pre-COVID-19, the biggest pandemic in modern history was the Spanish Flu of 19, during which many service-based businesses suffered double-digit losses.

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