Video Editor: Vivek Gupta
The US economy has taken a huge hit, so bad that the 2.2 crore jobs that were created between the global financial crisis of 2008 and now have been wiped out – just four weeks into the lockdown. The United States releases weekly jobless claims data, which shows the number of people who have filed for unemployment claims.
Despite the lockdown in the US not being as stringent as the one in India, it has lost 2.2 crore jobs. If their data is accurate, the lack of timely and periodic data available in India leads one to draw hints at the economic condition of India through USA’s statistics.
Retail prices and industrial production were at an all-time low in the United States. Except for the food and the beverage industry, all other industries are incurring major losses.
The USA and China both have predicted a contraction in their economies in the near future. In that sense, India might also be facing a contraction for the first time since Independence. If the USA’s data is accurate and hints at the state of India’s economic status, then it paints a very gloomy and dangerous picture.
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