According to the Ministry of Labor, 4.4 million people claimed benefits in the second week of April. It was anticipated that another 4.5 million Americans would lose their jobs.
In the first week of April, the counter increased to 5.2 million applications. As of the last week of March, a total of 26 million new applications for unemployment benefit have already been made.
The aid applications give an idea of the state of the world’s largest economy. An unemployment rate of at least 17% is taken into account, which is also well above the 10% rate reached during the crisis in 2009. Next Friday, the publication of the American jobs report will provide more clarity about the poor state of affairs on the labor market.
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