SAN FRANCISCO (CNN) – The extra $600 in federal unemployment aid that helped many Americans amid the coronavirus pandemic is set to expire Friday, July 13 as plans for an additional stimulus remains stalled in the Senate.
More stark numbers show the effect that the COVID-19 pandemic has had and continues to have on American workers and businesses.
The U.S. economy contracted by 9.5% in April through June – an annual rate of 32.9%, and the worst since the government started keeping track more than 70 years ago.
Additionally, the Labor Department said first-time unemployment claims increased for a second-straight week to more than 1.4 million.
Some medical experts say another shutdown is necessary to stem the virus’ fast and deadly spread – despite the economic pain.
“Right now the only tool we have to stop the virus is shelter-in-place and social distancing,” said Dr. Jeff Smith, Santa Clara County’s Executive Officer.
Some financial experts say Thursday’s numbers underscore the urgency of congressional action.
“I really hope it’s a wake-up for Congress. Individuals, businesses, communities are hurting right now,” said Margaret Anadu, Head of Urban Investment Group with Goldman Sachs.
A key point of contention is negotiations for a fifth coronavirus relief bill – the $600 federal unemployment enhancement – that expires Friday.
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