New US Jobless Claims Slow To 2.43 Mn In Latest Week
Umer Jamshaid Published May 21, 2020 | 06:50 PM
Washington, (UrduPoint / Pakistan Point News - 21st May, 2020 ) :Another 2.43 million US workers were put out of work last week amid the coronavirus pandemic, according to government data Thursday, bringing the total since mid-March to a massive 38.6 million.
The Labor Department data on new first-time claims for unemployment benefits for the week ended May 16 showed the rate of new filings continued to slow in the second month of the nationwide lockdowns, but the job losses remained among the highest on record.
The figure was in line with analysts' forecasts, and brings the average in new claims over the last four weeks to 3,042,000, seasonally adjusted, while the number of people actually receiving benefits -- usually lower as applicants take time to be approved -- 25,073,000 as of May 9, the Labor Department said.
The report, which tallies up claims filed in state programs, now also includes the raw total for benefits under the Federal Pandemic Unemployment Assistance which hit 2.
22 million, not seasonally adjusted.
That program is aimed at workers like contractors and self-employed people who would not normally qualify for traditional benefits -- indicating the weekly job losses may be closer to 4.7 million.
Initial claims appeared to have passed their peak hit in late March, and the latest figure is down 249,000 from the nearly 2.7 million claims file in the week ended May 9.
"The dramatic spike in unemployment claims is trending down, but it still completely overshadows any precedent," Kate Bahn, director of Labor Market Policy at the Center for Equitable Growth, said on Twitter.
Yet the weekly totals remain well above any seen in a single week during the global financial crisis 12 years ago, and more comparable to the Great Depression, as the pandemic forced businesses nationwide to shut down and lay off workers.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Miscellaneous
-
Modern Education Techniques: A pathway to achieve economic development
14 hours ago -
Kite Flying: From cultural festival to deadly sport
14 hours ago -
PDMA predicts gusty wind, rain with thunder, hails
3 days ago -
Iranian president Raisi given guard of honour at PM House
5 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
5 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
5 days ago
-
Cattle farming vital to alleviate poverty in rural areas
5 days ago -
Pakistan: A land of tourism, archeological wonders
6 days ago -
Transforming education sector: from job hunters to job creators
8 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
12 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
12 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
12 days ago