About 3,2 Million Applications For Unemployment Benefits Were Filed In The US During The Week
The number of jobs in the US economy fell by 20.5 million in April, the Labor Department revealed. Unemployment in the country jumped to 14.7% from 4.4% in March.
Both indicators were record-breaking, but they were better than the consensus forecasts of experts.
Analysts on average expected a fall in the number of jobs by 22 million and a jump in unemployment to 16% due to the COVID-19 coronavirus pandemic, according to Trading Economics. According to The Wall Street Journal, it was assumed that the first figure would be 21.5 million, the second-also 16%
In the United States, the number of people who first applied for unemployment benefits in the week that ended May 2 was 3.169 million, the Labor Department said. In the last week of March, the number of such applications exceeded 6.8 million amid the shutdown of many businesses due to coronavirus.
According to the revised data, in the week ending April 25, the number of requests was 3.846 million. Earlier, it was announced that the figure was 3.839 million.
Experts expected the number of applications to fall to 3 million, according to data from Trading Economics.
Over the past seven weeks, the total number of people who applied for unemployment benefits in the United States has reached 33 million, MarketWatch notes. On Friday, the Labor Ministry is due to publish official data on the unemployment rate in April.
The average number of applications over the past 4 weeks, a less volatile indicator, fell to 4.1735 million compared to 5.035 million a week earlier.
The number of Americans still receiving unemployment benefits for the week ending April 25 increased by 4.636 million to 22.647 million from a revised 18.011 million in the previous week. Analysts expected an increase of 1.913 million from the previously announced 17.992 million.