The novel coronavirus pandemic continues to rattle American economy as another 1.2 million people in the USA filed for first-time jobless benefits last week.
But the figure is down from earlier period when 1.4 million did the same. The Department of Labor said in a report published on August 6.
During the very earlier stage of the pandemic back in March, first-time jobless claims got the peak which was 6.9 million in the last week of the month. But over the period of the next four months, it declined. Then around mid-July, they reversed directions, and saw rise again.
That’s not a good look for a labor market that urgently needs to recover after millions of workers were thrown out of the job market by the pandemic.
In the USA, there are now at least 4,823,890 confirmed cases of infection by the novel coronavirus with over 158,250 deaths, as per data from Johns Hopkins University.
The United States recorded 52,810 new Covid-19 cases and 1,388 virus-related fatalities on August 5 local time, according to the University data. Source : CNN
