Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Friday, Mar 29, 2024

US workers seeking jobless aid near 40 million

US workers seeking jobless aid near 40 million

A further 2.4 million Americans sought unemployment benefits last week, despite hopes that easing lockdown restrictions would help restart the US economy.

The new filings brought the total since mid-March to roughly 38.6 million - almost a quarter of the workforce.

The weekly figures have declined since peaking at almost 6.9 million at the end of March but remain high.

The number of people remaining on benefits also continues to grow.

Treasury Secretary Steven Mnuchin warned this week that the US risked "permanent damage" if the lockdowns continued.

All 50 states in the US have started to reopen but it is not clear whether simply easing restrictions will prompt activity to rebound.

In the week ending 16 May, about 2.2 million people sought unemployment benefits under the government's pandemic relief programme, which expanded eligibility to people such as gig economy workers.

Their numbers, which are reported separately from the regular figures, are likely to grow as more states implement the programme.

"This is so tragic it is almost unfathomable," Diane Swonk, chief economist at Grant Thornton, wrote on Twitter.


Employers in the US cut more than 20 million jobs last month, sending the official unemployment rate to 14.7%, a sharp rise from 50-year lows of about 3.5% seen as recently as February.

Economists have warned that the rate is likely to worsen and remain elevated for several years.

While many of the unemployed said they believed their layoffs were temporary, a recent study estimated that more than 40% of recent pandemic job cuts are likely to be permanent.

Companies such as Uber are among the firms that have announced significant job cuts in recent weeks, as they prepare for a prolonged slowdown.

Retailers have also unveiled scores of permanent shop closures, with Victoria's Secret this week saying it would close some 250 locations in North America, with more expected.

"Overall there is little evidence that the reopening of the economy has, as yet, led to any sudden snap back in employment," said Paul Ashworth, chief US economist at Capital Economics.

Nearly half of US households have lost income since the pandemic lockdowns came into effect two months ago, according to a survey published Wednesday by the US Census. About 37% expect to lose income in the next month.

The effect on spending - which powers the US economy - has already been felt, with retail sales falling a record 16.4% in April, the Commerce Department reported last week.

Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×