Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Nearly 39 million have lost their jobs in the United States since the virus was caught

Nearly 39 million have lost their jobs in the United States since the virus was caught

WASHINGTON: The number of Americans applying for unemployment benefits in the two months since the coronavirus remained in the United States has swelled to nearly 39 million, the government said Thursday, even as coastal states gradually reopened their economies and let people in. bring back to work.
More than 2.4 million people applied for unemployment last week in the latest wave of redundancies that have brought the economy to its knees, the Labor Ministry said.
This brings the current amount to an astonishing 38.6 million, a collapse in the labor market, unprecedented in its speed.
The number of weekly applications is delayed by seven correct weeks. And yet the numbers remain staggeringly high ̵
1; 10 times higher than normal before the crisis.
This shows that although all countries have started to open up in the last three weeks, employment is yet to go back and the outbreak is still hurting businesses and destroying jobs.
“While the steady decline in claims is good news, the job market is still in terrible shape,” said Gus Foscher, chief economist at PNC Financial.
Federal Reserve Chairman Jerome Powell said over the weekend that U.S. unemployment could peak in May or June at 20 percent to 25 percent, the level last seen during the depths of the Great Depression nearly 90 years ago. Unemployment in April amounted to 14.7%, a figure also incompatible after the 1930s.
More than 5 million people worldwide have been confirmed infected with the virus and more than 330,000 deaths have been reported, including more than 94,000 in the United States and about 165,000 in Europe, according to data maintained by Johns Hopkins University and based on government data. Experts believe that the real fee is significantly higher.

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