Sunday, September 20, 2020

info@theabujatimes.com

5.2 Million More Job Losses US Records

Must read

Arsenal 2-1 West Ham: Eddie Nketiah maintains Gunners’ perfect start

Eddie Nketiah came off the bench to score the winner as Arsenal snatched a 2-1 victory over a drastically-improved West Ham at...

Man Utd 1-3 Crystal Palace: Wilfried Zaha scores twice as retaken penalty helps sink hosts

Wilfried Zaha scored twice on his return to Manchester United as a controversial retaken penalty helped Crystal Palace to an impressive 3-1...

Gareth Bale: Tottenham sign Real Madrid forward on loan for the season

Gareth Bale has rejoined Tottenham on loan from Real Madrid. The Wales captain has completed a remarkable return to...

We’ve translated Bible into 20 Nigerian languages – BSN

The Bible Society of Nigeria has said the organisation has translated the Bible into 20 Nigerian languages in addition to the Braille...
The Abuja Times
The Abuja Times News Paper

Amid the worsening economic damage from the coronavirus pandemic, another 5.2 million US workers were jobless and sought unemployment benefits last week, the government reported Thursday.

The data through April 11 indicate the world’s largest economy has purged 22 million jobs since mid-March as the measures to contain the virus have forced companies, shops and restaurants to close their doors.

While initial claims filed in the latest week were nearly 1.4 million lower than the prior week, the news is still grim. In the comparable week of last year, only 203,000 people filed first-time claims for jobless benefits, according to the Labor Department report.

COVID-19 was cited as the reason for rising unemployment in every state that listed a cause, with widespread layoffs in hotels, food service, retail, construction and even mining reported.

Economists say this may indicate the layoffs have peaked, but the US unemployment rate is nonetheless likely to hit double digits in April.

“After an unprecedented climb, initial unemployment claims appear to have reached a vertiginous plateau,” Gregory Daco of Oxford Economic said in an analysis.

But he said the figures will remain “remain extraordinarily high in coming weeks as the economy plunges deeper into a recession” and the labor market enters a “traumatic period.”

AFP

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Arsenal 2-1 West Ham: Eddie Nketiah maintains Gunners’ perfect start

Eddie Nketiah came off the bench to score the winner as Arsenal snatched a 2-1 victory over a drastically-improved West Ham at...

Man Utd 1-3 Crystal Palace: Wilfried Zaha scores twice as retaken penalty helps sink hosts

Wilfried Zaha scored twice on his return to Manchester United as a controversial retaken penalty helped Crystal Palace to an impressive 3-1...

Gareth Bale: Tottenham sign Real Madrid forward on loan for the season

Gareth Bale has rejoined Tottenham on loan from Real Madrid. The Wales captain has completed a remarkable return to...

We’ve translated Bible into 20 Nigerian languages – BSN

The Bible Society of Nigeria has said the organisation has translated the Bible into 20 Nigerian languages in addition to the Braille...

COVID-19 confirmed cases 57,145 in Nigeria, deaths 1,095

Nigeria now has confirmed COVID-19 cases, with 189 new cases recorded on Saturday night. According to a tweet from...