US unemployment during Covid-19 crisis reaches nearly 50 MILLION
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.Also on rt.com Coronavirus cost global economy 400 MILLION full-time jobs – UN labor agency
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.Also on rt.com US jobs recovery may be short-lived as coronavirus comes back with a vengeance
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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