By Tony Winterburn • 09 April 2020 • 15:40
Ten per cent of the American workforce is now out of work, these sort of figures have not been seen since 1969, new additions bring the total number to 16.8m as a result of Covid-19 shutdown.
Millions of Americans filed for unemployment benefits again last week, the US labour department confirmed on Thursday, as shutdowns across America caused employers to lay off workers in nearly every corner of the market. Economists had initially expected 5.25 million Americans to file for unemployment benefits for the week ending April 4.
The latest snapshot of economic devastation wrought by Covid-19 came as the virus itself continued its spread. More than 86,000 deaths have been reported around the world and the US has over 432,000 confirmed cases, the most of any nation.
The Federal Reserve said it expects the economy to enter a recession this year and not recover until next year in a worst-case scenario.
States are pleading for help from the Trump administration as they struggle to handle a torrent of unemployment claims that continues to swell as businesses remain shuttered across the country.
It is three weeks since President Donald Trump signed legislation allocating $1 billion to help states process jobless claims.
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