For the fifth straight week, millions of American workers have applied for unemployment benefits, to seek relief from the financial downturn caused by the coronavirus pandemic.
According to CNBC, 4.4 million people claimed first-time unemployment benefits in the week ending April 18th, as more than 26 million people become unemployed amid the outbreak.
According to new data released Thursday by the Department of Labor, all job gains since the Great Recession have disappeared in just one month. The nation’s economy had created around 22 million jobs since 2010, but the historic decade of economic expansion came to an abrupt end in February of this year.
Judd Deere, a White House spokesman, told CNBC, “We are facing an unforeseen enemy, and today’s report continues to show that these are challenging times for many Americans who want to get back to work.”
Experts anticipate that we may be seeing the peak in jobless rates as many states prepare to reopen businesses in the weeks to come.
Peter Boockvar, chief investment officer at Bleakley Advisory Group, said, “As the economy begins to reopen in May, whether the local shop or the factories that are lining up to do so in coming weeks, we’re likely seeing the peak in claims as people get back to work,” he wrote in an email to CNBC. “Again, the pace at which they will is the question.”
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