The US Department of Labor announced another 3.16 million Americans file for unemployment benefits.
Another 3.16 million Americans file for unemployment: The past seven weeks of the US job market have seen a dramatic decline.
On May 7, the US Department of Labor announced another 3.16 million Americans filed for unemployment benefits, bringing the 7-week total to 33.5 million. About 15.5% of eligible employees now receive help.
Since not all applications for unemployment assistance are accepted and the restriction of epidemic activity, official numbers may be lower than the actual number of jobs.
April’s unemployment rate is now expected to be well above the record high of 10 per cent at the peak of the 2009 Great Recession. Some economists expect a 40% decline in GDP in the second quarter.
It is clear that the US is facing its worst economic downturn since the recession.
Because economic stress is a direct result of the COVID-19 epidemic, how quickly an effective treatment and ultimately a vaccine can be used will determine the pace of health and economic recovery.