In the week ending 25th April 3,839,000 Americans filed for unemployment. This was a decrease of 603,000 from the Previous week’s revised level.
This is according to a News Release “unemployment insurance weekly claims” by the US Department of Labour earlier today, seen by Investogist.
According to Fox Business News, with a total workforce of about 162 million individuals, the new unemployment claims bring the unemployment rate in the USA to around 18.5%.
The latest evidence of the virus outbreak impact on the labour market could also be seen in other places, like Germany, the EU’s biggest economy reported an unemployment rate of 13.2% in April.
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The impact is also evident in the GDP figures being reported across the world, the US economy had shrank by 4.8% in the first quarter of the year, the Chinese economy shrank by 6.8% while the EU’s biggest economy, Germany has reported a contraction of 3.5% in its economy.
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Several states, including Georgia, South Carolina and Tennessee, have started to navigate reopening their economies.
The US Congress has passed four massive relief packages designed to blunt the pain from the crisis, including a $2.2 trillion CARES Act signed at the end of March.
Written by:
Basil Maduakor