A record 22 million Americans have filed for unemployment benefits over the past month, erasing a decade of job gains as the nation grapples with the unprecedented shutdown of the U.S. economy to contain the coronavirus.
About 5.2 million people filed for unemployment benefits last week, the Labor Department said Thursday. Jobless claims provide the best measure of layoffs across the country. Economists surveyed by Bloomberg had estimated that 5.5 million Americans would file initial applications for unemployment insurance last week.
That brings the total claims over the past four weeks to a staggering 22 million. By comparison, the labor market added 21.5 million jobs since the Great Recession.
“After an unprecedented climb, initial unemployment claims appear to have reached a vertiginous plateau,” Gregory Daco, chief U.S. economist of Oxford Economics, said in a note. “While it now appears that we have passed the peak in layoffs, jobless claims are poised to remain extraordinarily high in coming weeks as the economy plunges deeper into a recession.”
Oxford Economics projects job losses of 24 million in April, and the unemployment rate is forecast to spike to 14%. The firm anticipates that some jobs will be recouped once the virus is contained and economic activity recovers, but it doesn’t expect the U.S. economy to reach pre-coronavirus levels of employment until early 2022.
CLICK HERE FOR FULL ARTICLE ON USA TODAY
Comments
more recommended stories
Tourism promotes the sale of typical clothing in the Yucatan PeninsulaThe sale of typical clothing has.
American tourist found dead in a hotel room in Playa del CarmenHis companions tried to wake him.
Yucatán will have to regulate vertical real estate growth: AMPIDue to the migration of people.
Playa del Carmen will host the National Congress of SpeleologyThe event will take place from.
Cancun teen is accepted into NASA’s International Air and Space ProgramStudent from Cancun makes notebooks to.
Merida municipal government will promote the Maya cultureMérida, Yucatán, (May 17, 2021).- “In.
Teacher’s vaccination campaign to begin in Yucatan on Tuesday, May 18thMérida, Yucatán, (May 17, 2021).- Active.
Central Americans returned to Mexico are targets for abuse and violenceREYNOSA, Mexico — Thousands of migrants.
Security meeting between Mexican and U.S. officials determine to attack cartel’s weapons, finances, and modelsA security meeting between Mexican and.
Mexico faces crisis of migrant children and familiesAfter a weeks-long trip from her.
Leave a Comment