Unemployment claims in the United States have reached 33.3 million since mid-March amid coronavirus blockade, about 20 percent of the U.S. workforce.
Another 3.2 million Americans claimed unemployment benefits last week as the economic cost of the coronavirus pandemic continued to rise.
The number of new claims reported each week by the Ministry of Labor has fallen since it peaked at 6.9 million in March.
However, they remain extremely high.
The number of Americans collecting benefits continues to rise, despite recent steps to open in some parts of the country.
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Companies such as Lyft, Uber and Airbnb are among the companies that have announced layoffs in recent weeks as the suspension halted a significant amount of travel.
The impact is being felt throughout the economy, affecting medical practices, restaurants and administrative staff, among many others.
Economists say the monthly unemployment rate for April, which will come out on May 8, is likely to reach 15% or more.
Only two months ago, the unemployment rate was 3.5%, a 50-year low.
Since the establishment of the coronavirus in the United States, the country has experienced its worst growth in a decade, the worst retail sales record and declines in business activity have not been observed since the 2008 financial crisis.
Meanwhile, weeks of rising unemployment claims far surpassed the previous record of 700,000.
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There is a jump in demand in food closets, and homeowners and tenants are delaying monthly payments.
The National Council for Multifamily Housing – an industrial group for apartment owners – announced last month that nearly a third of tenants had not made their full payment by the first of the month.
Economists hope the pain will ease as the business gradually restarts.
Retailers like Gap have already announced plans to reopen some stores. Others, including J Crew and the Neiman Marcus department store, have been pushed into bankruptcy.
Moody’s Investors Service estimates that the unemployment rate in the United States may fall to 7% by the end of the year, but this forecast depends on the virus. The longer the halt lasts, the harder it will be for the economy to recover.