US: Over 1 million people apply for unemployment insurance amid COVID-19

The world is grappling with pandemic from the last five months and amid pandemic, startling news came from the United States, where the number of people filing for unemployment benefits last week was higher than expected. According to international media reports weekly jobless claims jump back above 1 million, which is higher than the last weeks 970000 claims.

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The report states that initial and new claims for pandemic unemployment assistance, both went up and around 543,000 new claims were filed for Pandemic unemployment assistance for the week that ended on August 15, up from 488,000 the week before. Anne Elizabeth Konkel, an economist said this economic crisis is concerning, and yet we have not seen depth and damage to this economic slowdown. The data from the report shows the number of job postings slowly recovering in recent weeks, compared with postings from the year prior.

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"However, last week, postings took a turn for the worse. They had been running about 18 percent below normal and fell to 20.3 percent below normal last week," the report said.

Because of economic crisis companies like Wieland Copper Products, in North Carolina, a Mohegan Sun casino in Wilkes-Barre, Amsterdam Printing, and Letho, a printing company in Upstate has laid off employees.

Half of the world's youth subjected to depression

According to a report by an international labor organization, half of the young population is subjected to anxiety and depression causing circumstances and more than a third are uncertain of their future career prospects because of coronavirus pandemic. A survey conducted by ILO, named 'Youth and Covid-19: impacts on jobs, education, rights, and mental well-being' found that if an urgent step is not taken, the young population is at the risk of suffering the severe and perennial effect of the coronavirus pandemic.

(With inputs from ANI) (Image credits AP)

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