6.5 C
New York
Saturday, December 5, 2020

Grant requests fall in the US but still reflect millions of layoffs every week

Must Read

Scientists explain why some animals are immune to coronavirus

Some species of animals - pigs, rats, birds - are less susceptible or even immune to coronavirus. A group of...

Czech researchers invent anti-COVID paper that kills bacteria and viruses

Anti-covid paper can destroy SARS-CoV-2 coronavirus up to 100% in 30 minutes. A team of researchers from the Czech Republic...

Scientists locate the oldest habitable region of Mars

The ideal region to host life on the red planet could be located several kilometers below its surface, said...
Kamal Saini
Kamal S. has been Journalist and Writer for Business, Hardware and Gadgets at Revyuh.com since 2018. He deals with B2b, Funding, Blockchain, Law, IT security, privacy, surveillance, digital self-defense and network policy. As part of his studies of political science, sociology and law, he researched the impact of technology on human coexistence. Email: kamal (at) revyuh (dot) com

The crisis caused by the coronavirus pandemic continued to hit the U.S. job market, where millions of more people, including many executives, called for state unemployment aid last week.

Initial applications for unemployment benefits totalled 2.981 million in seasonally adjusted figures in the week ended May 9, the Labor Department said Thursday.

Although the figure marks a decrease from the 3.176 million unemployment insurance orders of the previous week and represents the sixth consecutive drop, the volume of applications remains persistently high.

Economists polled by Reuters had forecast that orders would hit 2.5 million in the past week. The numbers have been gradually declining since hitting a record 6.867 million in the week to March 28.

The weekly report on unemployment benefits, one of the key data on economic health, supports analysts’ expectations of a third consecutive month of strong layoffs in May. The report was released a day after Federal Reserve Chairman Jerome Powell warned of an “extended period” of economic weakness and stagnant income due to the coronavirus epidemic.

“We are at the end of the first wave of layoffs, and we are now in a transition from the natural disaster phase to the recessive phase,” said Josh Wright, chief economist at Wrightside Advisors in New York.

“That is the reason why so many executive jobs are being lost. Indeed, a section of the economy was amputated and now we are going to be without that sector for quite some time,” he added.

The US economy lost the painful number of 20.5 million jobs in April, the biggest collapse in payrolls since the 1930s, as companies had to resort to orders to stop and confine workers due to the advance of the COVID-19.

In any case, April probably marked the majority of job losses from this crisis, which has also been marked by the largest drop in production since the Great Recession of 2007-2009.

In another economic report on Thursday, import prices in the United States suffered their biggest drop in more than five years in April, as the crisis depressed demand for oil products, which could support predictions of a short period of deflation.

- Advertisement -
- Advertisement -

Latest News

Scientists explain why some animals are immune to coronavirus

Some species of animals - pigs, rats, birds - are less susceptible or even immune to coronavirus. A group of...

Czech researchers invent anti-COVID paper that kills bacteria and viruses

Anti-covid paper can destroy SARS-CoV-2 coronavirus up to 100% in 30 minutes. A team of researchers from the Czech Republic Institute of Chemical Process Fundamentals (ICPF)...

Scientists locate the oldest habitable region of Mars

The ideal region to host life on the red planet could be located several kilometers below its surface, said a team of researchers from...

Scientists find a drug that quickly blocks the transmission of COVID

The antiviral drug Molnupiravir prevents the coronavirus from progressing to severe disease. Scientists from the Institute for Biomedical Sciences, Georgia State University, have found a...

NASA to buy Lunar soil from a private firm at a price of Cheeseburger

NASA has announced the first contracts with private space companies, under which they will mine the soil on the moon and transfer it to...
- Advertisement -

More Articles Like This

- Advertisement -