Economics

The coronavirus pandemic is bringing the economy to shambles with 14K jobless claims filled by Arizonans in one day alone. This is the most first-time claims ever since July 2009 when 11,178 were filed in one week.

The unemployment rate in Arizona is increasing at an exceptionally high rate. With the closure of local businesses and cancellation of events, people are left jobless due to the coronavirus pandemic.

According to numbers released by the Labor Department, unemployment rose to over 3.3 million in the past week which is a drastic increase of 3 million over the past week.

No one is walking through the terminals, the baggage carousel is empty, and the lines at the gates are minimal compared to a typical day at Phoenix Sky Harbor Airport. With many practicing social distancing and limiting travel amid coronavirus, passenger traffic is down 85% compared to just a couple weeks ago.

Under normal conditions, lower oil prices would be a good thing for consumers going to the gas pump. Except with many staying home amid coronavirus, people are not taking advantage of lower prices and filling their tanks as often.