WASHINGTON, DC: Layoffs caused by the coronavrius pandemic reached 44.2 million in the United States even as businesses try to reopen, with ...
WASHINGTON, DC: Layoffs caused by the coronavrius pandemic reached 44.2 million in the United States even as businesses try to reopen, with analysts warning of continuing damage to the world's largest economy as COVID-19 shows few signs of abating.
Rubeela Farooqi of High Frequency Economics said the data shows the US economy is clearly not back to normal. Speaking on CNBC, Treasury Secretary Steven Mnuchin indicated the government wouldn't waiver from its push to get businesses operating, saying"We can't shut down the economy again." The Labor Department data did confirm that the waves of layoffs were ebbing, with 355,000 fewer initial claims filed in the week ended Jun 6 than in the week prior.
All told, the report was in line with May's unemployment figures, which declined to 13.3 per cent from 14.7 per cent in April as the US economy added 2.5 million jobs, though the Labor Department acknowledged a classification error that would likely put both months' figure three points higher.
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