Economy

US jobless claims unexpectedly increase to more than 1 million

WASHINGTON (BLOOMBERG) – Applications for US unemployment benefits unexpectedly increased last week, a stumble for the labour market in its long road to recovery. Initial jobless claims in regular state programmes rose by 135,000 to more than 1.1 million in the week ended Aug 15, Labor Department data showed on Thursday (Aug 20). Continuing claims […]

Economy

US economy shrinks 32.9% in worst plunge since Great Depression

WASHINGTON ( BLOOMBERG, REUTERS) – The US economy contracted at its steepest pace since the Great Depression in the second quarter as the Covid-19 pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of coronavirus. Gross domestic product (GDP) collapsed at a 32.9 per cent […]

Economy

US jobless rate triples to 14.7% in sharpest labour downturn

WASHINGTON – In the harshest downturn for American workers in US history, employers cut an unprecedented 20.5 million jobs in April and the unemployment rate more than tripled to 14.7 per cent. Back in February, before the coronavirus pandemic brought the U.S. economy to a standstill, the rate hovered at just 3.5 per cent. That […]