7 lakh jobs ended in 14 days, the worst is yet to come in the US USA
WASHINGTON: The worst stage of the pandemic became visible in the US. USA When the Donald Trump government reported that employers cut more than 7 lakh jobs in the first two weeks of March, near the peak of the May 2009 financial crisis of 800,000 job losses.
Most job losses were reported in restaurants and bars, followed by retailers. It was the first decline in payrolls since September 2010, a news channel reported.
The unemployment rate rose to 4.4 percent from 3.5 percent, the first decline in employment in a decade, the US Bureau of Labor Statistics reported Friday. USA
The Labor report, however, does not capture the nearly 10 million Americans fired and without permission who filed initial unemployment claims in the past two weeks, as much of the country's economy was shut down to contain the spread of the virus.
According to a report by the US-based newspaper. That is because the Labor poll was conducted the week ending March 14, before most states ordered residents to stay at home and close non-commercial businesses, such as restaurants, movie theaters and most stores.
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It means that the job loss numbers for March will actually be very high.
The United States Department of Labor revealed Thursday that another 6.6 million workers filed unemployment claims last week.
The report captures the first stumbling block in the economy's historic freefall. The number of workers who filed initial unemployment claims increased by 70,000, the most since 2013, to 282,000 in the week of Labor's survey.
The April jobs report, which won't be released until May 8, could include the nearly 10 million Americans who applied for unemployment benefits for the first time, as the pandemic forced companies to close and people to stay. at home, CNN reported.
Job losses in the coming weeks will come from a broader range of sectors, according to Daniel Zhao, senior economist at the career website Glassdoor.
White collar jobs are not spared from this, Zhao said.
If this is an indication of what was happening before the full force of the crisis hit, then it will be difficult to find the words to describe the numbers in the coming months, added Nick Bunker, director of economic research at the search site for job. Indeed.
In comparison, it took the United States economy nearly two years to lose nearly nine million jobs during the Great Recession.