COVID-19 crisis: US records 1.5 million new jobless claims, total reaches 44.2 million

Amid unprecedented outbreak of dely coronavirus, United States saw at least 1.54 million new claims of people who lost ir jobs to seek benefits as layoffs continue in wake of global health crisis. According to international media reports, ditionals claims have brought total to 44.2 million since mid-March. US Labor Department marked decline for tenth consecutive week in applications for jobless aid since y spiked when COVID-19 crisis began in country. However, still, layoffs remain significantly high. 

Just last week jobs report revealed that employers ded nearly 2.5 million jobs in May which was an unexpected increase that suggests that employment in country has started recovering. joblessness decreased from 14.7 per cent but it still remains at 13.3 per cent. Even with dition of job gain in May, according to reports, just one in nine jobs that were lost in March and April have returned. Currently, at least 21 million in US are officially classified as unemployed. 

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Fed warns of 'long recovery' 

As unprecedented outbreak of dely coronavirus continues to impact ecomy, US Federal Reserve Chairman Jerome Powell has cautioned on June 10 that American ecomy faces a “long ro” to recovery. This came despite jobs report being positive for May. During press conference, Powell assured that country’s central bank would continue to support US ecomy for “as long as it takes” and also anunced that interest rates offered by bank would remain near to zero for near future.

Moreover,  a policymaker forecast released by Federal Reserve revealed that rates h remained low until end of 2022. Powell has ted that “this is going to take some time”. Back in December 2019, when world was still unsure about vel coronavirus discovered in China, Fed h predicted American ecomy to grow by at least two per cent in 2020 and unemployment rate to be at 3.5 per cent.

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(With AP inputs)

Im Source: AP