The latest figures from the Department of Labor show that nearly 39 million Americans have lost their jobs in the last two months. The number of people losing their jobs each week is declining, but similar unemployment rates have not been recorded in the United States since the Great Depression in the 1930s.
Earlier, Finance Minister Stephen Mnuchin said he expected unemployment to continue to rise amid the epidemic, but warned of “irreparable damage” to the economy if quarantine lasted too long.
Weekly statistics on people applying for social benefits do not always provide accurate information on the unemployment situation. The document is only an application for social assistance, but not every person who loses his job immediately submits such an application.
According to the information, unemployment in the United States is currently 14.7% – its highest level since the beginning of the pandemic. However, according to many economists, the real number is higher, and unemployment could reach 20% or more at the end of the crisis.
Most US states are already lifting restrictions on coronavirus to some extent, although statistics show that Americans are still worried about returning to work and many businesses remain closed.
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