COVID-19: COMPANIES IN THE US LAYOFF 44.2M WORKERS - ANALYSTS
The total layoffs in the United States caused by the coronavirus pandemic reached 44.2 million even as businesses try to reopen, according to analysts in the US.
The enormous layoffs have become routine since lockdown began in the US to curb the spread of the coronavirus.
Rubeela Farooqi of High-Frequency Economics said research shows the US economy is clearly not back to normal.
“States and businesses have reopened, but activity remains restricted and subdued, which will likely result in ongoing layoffs over coming weeks,” she said in an analysis.
COVID-19 remains a menace in the United States as they record 20,000 new cases every day with few signs of reduction.
States like Texas and North Carolina are seeing more patients hospitalized with the virus than a month ago.
Federal Reserve officials on Wednesday released an estimate stating the US economy would decline by 6.5 percent this year.
Federal Reserve Chairman, Jerome Powell, warned that some workers may not find jobs for a long time.
The Labour Department data revealed that about 20.9 million people were receiving unemployment payments in the last week in May.
The data was in line with May’s unemployment rate, which declined to 13.3 percent from 14.7 percent in April as the US economy added 2.5 million jobs.