Washington: The total number of US unemployment claims 1.88 million previous week as the COVID-19 pandemic continues to sweep the country, the Labour Department reported.
In the week completion May 30, the quantity of Americans petitioning for joblessness benefits diminished by 249,000 from the earlier week to 1,877,000, the ninth week by week decrease straight yet remaining incredibly high, Xinhua news organization cited the Department as saying on Thursday.
With the latest numbers, 42.6 million initial jobless claims have been filed over the past 11 weeks, meaning that nearly 28 per cent of all Americans employed in February lost their jobs, at least temporarily, according to Tim Quinlan, senior economist at Wells Fargo Securities.
“Last week we were excited to see that continuing claims fell, indicating that gross hiring had picked up enough to pull down the number of people receiving benefits.
“There was no such consolation this week, as they rose again to 21.5 million,” Quinlan said on Thursday. The Labour Department is expected to release its jobs report in May on Friday.
US employers cut a staggering 20.5 million jobs in April, and the unemployment rate soared to a record 14.7 per cent.
Diane Swonk, chief economist at Grant Thornton, a major accounting firm, believed that US unemployment will remain painfully high in May and throughout the summer.
“We can be hopeful that the economy may be hitting bottom but we need a new language that goes well beyond recession and recovery to describe the persistent pain triggered by COVID-19,” Swonk tweeted Thursday.
Fallout from the COVID-19 pandemic will shrink the size of the US economy by $7.9 trillion over the next decade, according to new projections issued by the Congressional Budget Office on Monday.