On Thursday, the 14th of May 2020, weekly unemployment report released by the US Labour Department had reflected a likely sign of shrine for an almost halted US economy despite an ease of lockdown across many US states with weekly jobless claims rising more than expected over the last week that ended on May 9th.
On top of that, as millions of Americans remained jobless with a steep rise in unemployment rate, a reading what analysts said could hoist up to as much as 20 per cent over the current-quarter, Thursdays’ (May 14th) jobless claims had nailed another smidgen on the coffin with initial jobless claims rising to a seasonally adjusted 2.981 million last week, missing an analysts’ projection of 2.5 million, which eventually had lifted the total number of people filed for unemployment benefits since March 21st to 36.5 million, meaning a tenth of United States’ entire population are jobless.
Although, the claims for unemployment benefits had been slowing down gradually since spiking to a record 6.86 million during the week that ended on March 28th, referring to a tremendously telescoping US economy which Fed’s Powell said yesterday (May 13th) would likely to remain in tatters for a prolonged duration, a chief economist at PNC Financial in Pittsburgh, Pennsylvania, Gus Faucher said followed by the reveal of Thursday’s (May 14th) unemployment data, “The U.S.
labour market remains under tremendous pressure, although the pace of job losses is at least slowing. The key question is how quickly businesses will rehire workers in the weeks ahead as restrictions on movement are gradually lifted. ”