More than 36 million people request unemployment benefits in the United States: A total of 36.5 million people have applied for unemployment benefits in the United States during the eight weeks of economic hibernation that the coronavirus pandemic has led to. The dreadful job destruction caused by this global crisis in the first power has shortened strides but keeps the overall balance at a level that has ended Wall Street’s paradoxical joy.
More than 36 million people request unemployment benefits in the United States
Last week there were 2.9 million new aid applicants, according to the data published this Thursday, compared to a lower level than the previous one and far from the almost seven million of the last March.
It is necessary to go back to the Great Depression to find a comparable panorama and the great fear of the authorities is that trauma of this caliber will be repeated when the unemployment rate reached 23%, an unbearable level in a country with fragile social protection. compared to Europe. This time, in addition, the human drama is added: more than 84,000 people have asked for their lives in the United States due to the virus, more than 1.3 million have been infected.
Fed President Jerome Powell said Wednesday in a virtual conference in Washington that the pandemic has caused “a level of pain difficult to say in words.” Virtually all of the gains in the labor market of the past decade have evaporated in just two months, a blow at a time when the American economy was experiencing its longest growth cycle in history. The unemployment rate stood at 3.5% in February, the lowest in 50 years, and rose to 14.7% in April.
In the face of an exit from the crisis that no one believes is as drastic as the fall, the almost three trillion aids approved by the US Congress for families and businesses are falling short. The Fed president, who has also launched an unprecedented arsenal of stimuli, warned that more fiscal support will be necessary. Democrats are pushing in the House of Representatives, where they have a majority, a new bill of a similar amount that they are likely to vote on Friday, but do not yet have the agreement of the Republicans, who control the Senate, to endorse it.