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US Govt to purchase $3 b worth of products from farmers

WASHINGTON, May 10: Today's coronavirus-induced economic devastation is comaparable to the Great Depression of the 1930s, it is widely written about. In the US, 20.5 million jobs were lost in April alone and 14.7 per cent people have no jobs, according to the Labour Department of the Federal Government. And 33 millions have applied for unemployment doles in the last one and half months.

To ensure that the economy is moving and there are enough supplies, the Trump administration has in a fresh initiate decided to purchase $3 billion worth of farm products like meat and dairy products from the farmers. Earlier, the Government had announced trillions worth of stimulus packages that included direct payouts to poor households.

"It is historically unprecedented. We have put our economy into a medically induced coma in order to heal it from the pandemic... and that has led to the most precipitous loss of jobs seen in any of the modern data," USA Today quoted economist Erica Groshen, former head of the government's Bureau of Labor Statistics.

The pandemic is likely to change businesses. For example, there may be a limit on how many people may be in a restaurant at one time, reducing the need for workers. So the business will get affected. So the business model is going to change.

However, this unemployment problem is not unique to US alone. Canada estimated that about a third of the workforce was either out of work, or working less than half of their usual hours.

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