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On Thursday, the Federal Reserve launched new lending programs to pump $ 2.3 trillion into the US economy, while its President Jerome Powell tried to provide reassurances, saying the recovery would be “strong.”
The Fed’s assurances came at the same time as the Labor Department’s latest weekly report showed that 6.6 million people applied for unemployment benefits last week, compared to 6.9 million the previous week, and 3.3 million in the week ending March 21.
This is a shocking shift in the world’s largest economy, where the unemployment rate was at its lowest historical levels, before most of the states in the country were forced to issue orders for a comprehensive closure to stop the spread of “Covid-19”.
Analysts expect the crisis to continue for months, and the unemployment rate to rise to two-digit numbers in April, while President Donald Trump is looking forward to the return of the economic wheel to its previous era.
Treasury Secretary Stephen Mnuchin gave a more specific timeframe, telling CNBC that the business could resume operations from May.
The data indicate that unemployment rates resulting from the Corona virus pandemic are likely to exceed those during the 2008 financial crisis.
A report by “Oxford Economics” said that the 17 million jobs that were lost “are just slightly more than half of the 30 million jobs that we expect will be lost due to the spread of the Corona virus,” suggesting that the unemployment rate will reach 14 percent in April, and 16 percent in May. .
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On Thursday, the Federal Reserve launched new lending programs to pump $ 2.3 trillion into the US economy, while its President Jerome Powell tried to provide reassurances, saying the recovery would be “strong.”
The Fed’s assurances came at the same time as the Labor Department’s latest weekly report showed that 6.6 million people applied for unemployment benefits last week, compared to 6.9 million the previous week, and 3.3 million in the week ending March 21.
This is a shocking shift in the world’s largest economy, where the unemployment rate was at its lowest historical levels, before most of the states in the country were forced to issue orders for a comprehensive closure to stop the spread of “Covid-19”.
Analysts expect the crisis to continue for months, and the unemployment rate to rise to two-digit numbers in April, while President Donald Trump is looking forward to the return of the economic wheel to its previous era.
Treasury Secretary Stephen Mnuchin gave a more specific timeframe, telling CNBC that the business could resume operations from May.
The data indicate that unemployment rates resulting from the Corona virus pandemic are likely to exceed those during the 2008 financial crisis.
A report by “Oxford Economics” said that the 17 million jobs that were lost “are just slightly more than half of the 30 million jobs that we expect will be lost due to the spread of the Corona virus,” suggesting that the unemployment rate will reach 14 percent in April, and 16 percent in May. .
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