Registration For Unemployment Benefits Surge In U.S.

As the COVID-19 pandemic puts the U.S. in lockdown mode, another 4.4 million Americans have registered for unemployment benefits over the past week.

The new applications bring the total number of jobless claims since mid-March to 26.4 million.

That amounts to more than 15% of the U.S. workforce.

However, the most recent data marked the third week that the number of new claims has declined – a sign that the worst of the shock may be over.

The International Monetary Fund has predicted that the U.S. economy will contract 5.9% this year.

 In just six weeks, the surge in unemployment claims has exceeded the number of jobs created in the near-decade of expansion that ended in February.

Nigel Bell, Readers Bureau, Fellow

Edited by Jesus Chan

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