Owner Jan-le Low, left, moves order tickets as dishes are prepared at Satay Thai Bistro and Bar, amid the coronavirus disease (COVID-19) outbreak, in Las Vegas, Nevada, US, March 28, 2021. [Photo/Agencies]
BEIJING - Asian-owned businesses in the United States have suffered heavy losses amid the COVID-19 pandemic mainly due to difficulties in accessing government aid and fears over rising hate crimes against Asians, according to a recent report by Reuters.
By the end of March, sales for Asian-American businesses plummeted over 60 percent year on year, greater than the roughly 50-percent decline faced by other small businesses, Reuters quoted a research from the JPMorgan Chase Institute as saying.
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A separate report showed first-time filings for unemployment insurance plunged, with the Labor Department reporting 576,000 new jobless claims for the week ended April 10. That was easily the lowest total since the early days of the Covid-19 pandemic and represented a sharp decline from the previous week s total of 769,000.
The Dow Jones claims estimate was 710,000.
As the jobs picture brightened, consumers took their $1,400 stimulus checks and spent aggressively. The money came courtesy of the nearly $1.9 trillion American Rescue Plan Act that Congress passed in March.
The legislation took total stimulus and rescue payments approved in the year since the pandemic began to about $5 trillion, fueled by red ink that fiscal authorities say is necessary to keep the economy running.