The US economy lost 20.5 million jobs to the Corona pandemic in the past month alone, marking the fastest pace of job drop since the Great Depression of the 1930s, amid expectations of worse conditions.
The monthly report of the US Department of Labor showed that the unemployment rate rose to 14.7%, exceeding the record level recorded after the Second World War, and this situation is the worst in 90 years, according to local media.
Due to procedural aspects, these data do not fully reflect the magnitude of the economic damage caused by the pandemic in the second half of last month, which means that the real number of lost jobs and the unemployment rate can be higher.
expected unemployment numbers next month will be heartbreaking
US President Donald Trump said that these figures were “completely predictable and not surprising,” and pledged during his appearance in an interview with US television “Fox News” to restore the health of the American economy.
White House chief economic adviser Larry Kudlow said that the expected unemployment numbers next month will be heartbreaking, while Kevin Hassett, economic adviser to Trump, expects unemployment numbers in the next report to reach 25%.
These losses are nearly twice what the United States suffered during the 2007-2009 financial crisis, which was considered the worst economic downturn ever.
Federal and local labor departments face significant challenges due to the unprecedented increase in jobless claims.
33 million Americans applying for unemployment benefits
The Corona Virus “Covid-19” pandemic since mid-March has stopped many sectors of the US economy, with more than 33 million Americans applying for unemployment benefits during that period.
And last month, the US Congress passed an economic package of about three trillion dollars, to support individuals and companies in facing the damage caused by the Coronavirus.
US Congress also approved an additional increase equivalent to $ 600 for the recipient of the unemployment benefit, bringing the total benefit to 972 dollars per week.
