Coronavirus Economic Updates: Estimated 6.6 Million Americans Unemployment Report

Coronavirus Economic Updates: Estimated 6.6 Million Americans Unemployment Report

The coronavirus pandemic has quickly changed from a health crisis to a financial one, shutting down companies, putting an end to entire industries, and sending financial markets to trembling.

Oil prices are rising after Trump says that Saudi Arabia and Russia should end the price war.

President Donald Trump tweeted Thursday morning that he spoke to his "friend" Mohammad Bin Salman Al Saud, crown prince of Saudi Arabia, expressing faith that Saudi Arabia and Russia would take action to cool their ongoing oil price battle.

Trump said the prince spoke to Russian President Vladimir Putin and agreed to cut oil production by at least 10 million barrels.

Shortly after Trump's tweet, however, Putin's spokesman denied that he spoke to the Saudi crown prince.

Even, the prices for Brent crude oil, the global benchmark, increased by more than 23 per cent on Thursday. West Texas Intermediate crude oil, the U.S. benchmark, also jumped more than 24 per cent.

Amazon promises more temperature checks, more worker safety steps.

Amazon announced a series of new security measures for its workers Thursday.

The company said that when they arrived at work it would test the temperature of all workers, and employees with a temperature above 100.4 degrees would be sent home.

Amazon further stated that it would increase the supply of personal protective equipment as well as disinfectant wipes and hand sanitizers. Daily audits of its new health and safety measures would also be carried out.

The news comes just days after a group of workers left the job at the Amazon warehouse in New York City and went on strike on Monday, insisting that the company shut down and thoroughly clean up the spawning plant after multiple employees said they had tested positive for the novel coronavirus.

6.6 million Americans are filed for unemployment

A record-breaking 6,648,000 people applied for unemployment in the week ending March 28 in the midst of the novel coronavirus pandemic, according to data released by the U.S.

The COVID-19 financial crisis has devastated the US economy, causing thousands of companies to shut down in the wake of government-mandated orders.

The service industry, led by housing and food services, was among the hardest hit by the outbreak of COVID-19, according to DOL data. Other sectors that have been heavily affected include health care / social assistance, manufacturing, retail and construction, DOL said.

Friday's astounding statistic is a rise of more than 3 million from the previous record — released just last week — that revealed the first labor impacts of the U.S. outbreak.

Just a few months ago, prior to the COVID-19 outbreak, the unemployment rate in the U.S. was near a 50 year low.