This week the United States declared over half a million COVID-19 cases. Now, many people are practicing social distancing and staying inside to contain the spread. This means that most businesses around the world are closing in response to the pandemic. In addition, many people have lost their jobs as a result of businesses shutting down.

The economic impact of COVID-19 in the US can be seen primarily in the stock market. Stocks have plummeted due to the uncertainty created by the virus, according to AP News. Many popular stocks such as Dow Jones Industrial Average have significantly dropped. Additionally, the drop in stocks means that people’s pension is at stake because of individual investments in stocks.

“COVID -19 is having devastating effects on our economy and it will take some time to get the market back on track, therefore, we as consumers need to continue to circulate the economy by spending money that helps local and small businesses,” senior Elizabeth Robbins said.

Conversely, grocery stores and delivery services have seen an increase in business. This is because many people are stocking up on supplies.

The unemployment rates have also skyrocketed due to the spread of COVID-19. As of April, there are 6.65 million unemployed people in the US, according to the Economics Correspondent Heather Long.

“I had to stop going to my job as well as my brother, due to him having a history of asthma and both my parents are in the risk category,” junior Hannah Johnson said.

In an effort to boost its economy, the United Kingdom responded by significantly decreasing interest rates. The US has also responded to the economy by giving stimulus checks of $1,200. The checks are intended to boost the economy and are based on a number of factors such as household income and the number of dependents, and. The higher the income in a household the less money on the checks is a trend on these stimulus checks.

Although the effects of COVID-19 can be devastating, it is important to understand that the U.S. economy has dealt with similar issues before. Currently, the best way to help the economy would be spending money such as spending the stimulus checks to put money back into the economy.