On Wednesday, Federal Reserve Chairman Jerome Powell said that the recovery could take longer than expected.
"The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II. We are seeing a severe decline in economic activity and in employment, and already the job gains of the past decade have been erased," said Powell, in a webinar with the Peterson Institute for International Economics. "While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks."
As the entire nation struggles to cope with the economic downfall brought on by the pandemic, finance site Wallet Hub compared the states with the biggest increases in unemployment due to the coronavirus.
New York State—the epicenter of the coronavirus in terms of cases—is not one of the ten most impacted states. Michigan stands at number 10. As of May 13, Michigan has paid out $5.62 billion in unemployment benefits related to COVID-19.
“No one will lose a dollar of benefit they are eligible for and we will not rest until everyone gets the benefits they deserve," said Department of Labor and Economic Opportunity Director Jeff Donofrio.
Watch the video above to find out the ten most affected states with the biggest increases in unemployment due to the coronavirus pandemic.
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