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HomeBusinessUS unemployment during Covid-19 crisis reaches nearly 50 MILLION

US unemployment during Covid-19 crisis reaches nearly 50 MILLION

US unemployment during Covid-19 crisis reaches nearly 50 MILLION

Another 1.3 million Americans have filed for unemployment in the week ending July 4, with the coronavirus pandemic still raging in the country, according to the latest US Labor Department data released on Thursday.

According to the report, initial jobless claims stand at around 1.31 million. This is nearly 500,000 less that than the labor agency reported last week.

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The number of new filings is above one million for the 16th consecutive week, bringing the total number of claims during the coronavirus crisis to around 50 million.

“Don’t expect this to fall that much until the very generous unemployment benefits expire in [their] current form on July 31st,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, said earlier this month, as cited by CNBC.

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People line up outside Kentucky Career Center prior to its opening to find assistance with their unemployment claims in Frankfort, Kentucky, US, June 18, 2020
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Meanwhile, continued regular jobless applications, reflecting the number of people who have filed for unemployment benefits for at least two consecutive weeks, are expected to fall again. Analysts reportedly expect them to stand at 18.8 million, down from 19.3 million the previous week.

As the US economy started to reopen, some 4.8 million jobs were created in June. While President Donald Trump says the figure proves the national economy is “roaring back,” the survey, taken in the middle of the month, does not reflect the virus’ resurgence in some states, which could trigger a second wave of layoffs.

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