Unemployment claims increase in a weak

Published:

On: Apr 2020

As per the buzz, over 6.6 million people of the United States lost their jobs previous week, along with 16 million employment gone in the last three weeks, because the coronavirus epidemic brought the United States economy to a halt. Millions of Americans applied for unemployment benefits again previous week, the United States labor department confirmed on yesterday. 

With the shutdowns across the whole country led companies to lay off employees in every corner of the industry. Many economists had anticipated 5.25 million people of America to apply for unemployment benefits for the week ending on 4th of April. In the last two weeks the halting cost nearly ten million people their jobs. Layoffs that commenced in the restaurant and leading industries have now been spread to healthcare, construction and manufacturing sector.

Job losses are increasing in every state and economists are assuming the unemployment rate will soon gather 15 percent or higher. Therefore, numerous Americans file for the unemployment benefits. The recent economic devastation caused by coronavirus as the virus itself continued to escalate. Right now, the United States of America has a higher number of confirmed cases of COVID-19 than any other country. 

A senior economist Dean Baker said that these figures don’t represent a lack of demand as the job losses reached nearly 10 percent. Mr. Baker said that hopefully, the situation is literally manageable and hence we are closing our economy.