Home Job Markets The United States hits the highest unemployment rate since 1929

The United States hits the highest unemployment rate since 1929

Great Depression

<p><&excl;-- BEGIN THEIA POST SLIDER --><&sol;p>&NewLine;<p>The US economy lost 20&period;5 million jobs to the Corona pandemic in the past month alone&comma; marking the fastest pace of job drop since the Great Depression of the 1930s&comma; amid expectations of worse conditions&period;<&sol;p>&NewLine;<p>The monthly report of the US Department of Labor showed that the unemployment rate rose to 14&period;7&percnt;&comma; exceeding the record level recorded after the Second World War&comma; and this situation is the worst in 90 years&comma; according to local media&period;<&sol;p>&NewLine;<p>Due to procedural aspects&comma; these data do not fully reflect the magnitude of the economic damage caused by the pandemic in the second half of last month&comma; which means that the real number of lost jobs and the unemployment rate can be higher&period;<&sol;p>&NewLine;<blockquote><p>expected unemployment numbers next month will be heartbreaking<&sol;p><&sol;blockquote>&NewLine;<p>US President Donald Trump said that these figures were &&num;8220&semi;completely predictable and not surprising&comma;&&num;8221&semi; and pledged during his appearance in an interview with US television &&num;8220&semi;Fox News&&num;8221&semi; to restore the health of the American economy&period;<&sol;p>&NewLine;<p>White House chief economic adviser Larry Kudlow said that the expected unemployment numbers next month will be heartbreaking&comma; while Kevin Hassett&comma; economic adviser to Trump&comma; expects unemployment numbers in the next report to reach 25&percnt;&period;<&sol;p>&NewLine;<p>These losses are nearly twice what the United States suffered during the 2007-2009 financial crisis&comma; which was considered the worst economic downturn ever&period;<&sol;p>&NewLine;<p>Federal and local labor departments face significant challenges due to the unprecedented increase in jobless claims&period;<&sol;p>&NewLine;<blockquote><p>33 million Americans applying for unemployment benefits<&sol;p><&sol;blockquote>&NewLine;<p>The Corona Virus &&num;8220&semi;Covid-19&&num;8221&semi; pandemic since mid-March has stopped many sectors of the US economy&comma; with more than 33 million Americans applying for unemployment benefits during that period&period;<&sol;p>&NewLine;<p>And last month&comma; the US Congress passed an economic package of about three trillion dollars&comma; to support individuals and companies in facing the damage caused by the Coronavirus&period;<&sol;p>&NewLine;<p>US Congress also approved an additional increase equivalent to &dollar; 600 for the recipient of the unemployment benefit&comma; bringing the total benefit to 972 dollars per week&period;<&sol;p>&NewLine;<p><&excl;-- END THEIA POST SLIDER --><&sol;p>&NewLine;

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