Over 1 million people apply for unemployment insurance in US amidst COVID-19 pandemic
As coronavirus shows no signs of stopping, job losses have been in an upward trend since the countries across the world went into lockdown. Last week in United States, people applying for unemployment insurance ticked up last week to 1.1 million, reported The Washington Post.
The unemployment claims were higher than the week before which stood at 970,000.
Initial claims and new claims for Pandemic Unemployment Assistance, the program available to gig and self-employed workers, both went up, reported The Post with about 543,000 new claims were filed for PUA for the week that ended on August 15, up from 488,000 the week before.
AnnElizabeth Konkel, an economist at the job site Indeed was quoted as saying that the fact that the claims are so high this far into the crisis is concerning.
“Yet the depths of the damage remain to be seen. I would definitely call it a canary raising alarms in the economic coal mine,” said Konkel.
The Washington Post reported that the data shows the number of job postings slowly recovering in recent weeks, compared with postings from the year prior.”However, last week, postings took a turn for the worse.
They had been running about 18 percent below normal and fell to 20.3 percent below normal last week,” the report said.
The overall number of global coronavirus cases has topped 22.5 million, while the deaths have increased to over 792,000, according to the Johns Hopkins University.
As of Friday morning, the total number of cases stood at 22,593,363 and the fatalities rose to 792,396, the University`s Center for Systems Science and Engineering (CSSE) revealed in its latest update.