Millions unemployed as pandemic-led forced closure plummets US economy

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Millions unemployed as pandemic-led forced closure plummets US economy

On Thursday, the 16th of April 2020, weekly unemployment data released from the US Labour Department had added to further investor’s woes following a 76-year-low US manufacturing activity alongside a bleaker retails sales released yesterday (April 15th), while a record 22 million American citizens had filed for jobless claims for the first time in their lives last month, erasing all of the job gains scored since the era of great financial depression in 2007-2009.

As a matter of fact, the economic slump in the United States intensified further on Thursday (April 16th) after other financial data had revealed that the US factory activity in the mid-Atlantic region fell by the most in more than 30 years, while the US new homebuilding had plunged to a 36-year low last month.

Meanwhile, as experts were predicting that the US economy, which had been pricing in to its longest run of expansion, might just have contracted at its highest pace in Q1, 2020, since the World War II, a chief international economist at ING in New York, James Knightley said followed by the release of Thursday’s (April 16th) data, “The scale of job losses we have had in the past four weeks is remarkable, nearly all the jobs gained since Great Financial Crisis are now lost.

” Besides, according to the US Labour Department unemployment report released earlier on Thursday (April 16th), initial jobless claims had dropped slightly by 1.370 million to a seasonally adjusted 5.245 million last week, taking the tally to a record 22.034 million people who had filed for initial jobless claims since March 21st.