With countless UK businesses scrambling to secure their cashflow to avoid a collapse, the US Department of Labor released data showing that 6.6 million Americans filed for unemployment benefits last week.
Thursday’s figures surpassed the previous record of 3.28 million claims that were reported just seven days prior and shines a bright spotlight on the state of the world economy squarely in the throes of the Covid-19 pandemic. US President Donald Trump signed a $2tn economic relief plan over the weekend to provide support to millions of American households.
Trump also suggests that he would support another rough of fiscal stimulus to fortify the US economy. Business leaders from around the world are closely monitoring the situation, as the US attempts to avoid an economic meltdown that could have a global ripple effect.