U.S. Jobless Hit 26.4mn after Million More of Americans Join an Unemployment Last Week

The total numbers of the U.S. jobless jumped to 26.4 million after an additional 4.4 million Americans have applied for unemployment benefits last week, the big wave of Americans losing their job emerged since mid-March as the economic slowdown from the coronavirus pandemic.  

The recession came amid country’s lockdowns, a tool to control the spread of coronavirus, many business activities falling to an all-time low in April, as well as the decline in house sales.

New data of American jobless may boost an unemployment rate to be around 20%.   

Latest figures of new claims has showed a slightly downward, giving hopes that the worst of the shock may be over, but at the same time a million more of backlogs are likely to join an unemployment line in the coming weeks.

According to the International Monetary Fund or IMF, the U.S. economy estimated to contract 5.9% in 2020. 

About 16.2% of labor force has filed for unemployment benefits since mid-March, that could lead to shocking predictions of 30 million job losses during the covid-19 outbreak, the worsening unemployment rate since the Great Depression.  

On Thursday, the U.S. House has passed further $484 billion stimulus aid to fund small businesses and hospitals, expecting to be signed by President Donald Trump soon.