Jobless claims are increasing at a rapid pace. Alex Bick, associate professor of economics, shares his research behind the unemployment rates.

Layoffs are growing in almost every industry as businesses have had to shut their doors to keep the spread of COVID-19 at bay. Many companies that are open report an immense loss in sales.

Social distancing has led to a surge of demand for Amazon services. Warehouse workers in the Valley and many other locations are anxious to work in these facilities as hundreds of employees are working in close proximity.

The coronavirus pandemic is bringing the economy to shambles with 14K jobless claims filed 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 U.S. Labor Department, unemployment rose to more than 3.3 million in the past week, which is an increase of 3 million over the previous 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.

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.

Professor of Economics Bart Hobijn compared the everyday movement of money through the economy to blood flow through the body.

Research Professor of Economics Lee McPheters says there is likely to be a positive effect on spending, but people are also worried about their debts.