The total number of American people filing for jobless claims has hit a new high in various weeks. This is much worse than what was expected.
Opinions Of Analysts And Economists On Jobless Claims
About 742,000 American people have filed first-time claims of being jobless last week, which is 31,000 more than the level of people applying for the same in the past week. The Department of Labor claimed the above figures on Thursday. CNN has reported this situation for the first time since the seven days till October 10 when the figure of jobless claims has increased. If this rate of joblessness continues then the people of America will slip into poverty.
The figure is much more than what the experts predicted. The economists forecasted the figure of immediate jobless claims as 710,000 for the past week. According to CNN, the figure for claims of Unemployment Assistance during the pandemic has also increased from the past week. The current figure of claims for Unemployment Assistance during the pandemic stands around 320,237. This is happening as businesses are laying off jobs and freezing the hiring of new American people. The Businesses have their hands tied as they are getting very little support from the US Government in these times of crisis. They are not being able to pay salaries to their existing employees as demand is declining across the market.
People have taken to Twitter to express their disappointment about the skyrocketing figure of jobless claims. They have termed the situation as not good at all for the American people. They refer to the mismanagement as a significant miss when the figure is as high as 742K. The crisis is looming very near and the scenario is going in the wrong direction and the crisis is attaining a very high level.
This increase follows the steep rise in coronavirus cases across the country. This will likely prompt the state governments to implement further lockdowns and new restrictions. This news comes right after an analysis indicated loss of unemployment benefits for nearly 12M workers. The analysis has set the day of losing unemployment benefits as the next day after Christmas, reported CBS News. As more and more people start losing their jobs, more and more Americans will be applying for Unemployment benefits. The situation is becoming grimmer day by day. The U.S. Government needs to step up and show some leadership skills in this one in a century type of crisis.
The brutal combination of post-holiday months of winter and record COVID-19 cases will create a grimmer situation for the labor market, said AnnElizabeth Konkel, economist, Hiring Lab to NBC News. The pain of economic imbalance will get more severe when people start losing their unemployment benefits after the end of holidays, Brendan Morrow reported.