Economic

Unemployment claims in the united states jump to highest level ever

America’s weekly jobless claims are 4 times the previous record set in 1982. Weekly jobless claims rose to 3.2 million, to the highest level in its history.

US equity futures were down nearly 2% after the unemployment benefits figures were released.
This reading is the highest ever in the history of seasonally adjusted jobless claims numbers, as the last peak was 695 thousand applications in October 1982.

The data indicated that this exceptional increase in unemployment benefits requests was due to the effects of the “Covid-19” virus, noting that almost all US states cited the virus.

According to the statement, about 11 US states have reported thousands of layoffs in various sectors due to the Coronavirus.

With regard to the weekly average of jobless claims during the past four weeks, it reached 998.250 thousand applications, an increase of 765.750 thousand applications from the levels of the previous week that were amended by lifting

Unprecedented unemployment numbers

The rise in unemployment numbers comes as the US Senate unanimously approved on Wednesday a trillion-dollar bill that aims to help unemployed workers and industries affected by the Coronavirus pandemic, as well as save billions of dollars to buy much-needed medical equipment.

Difficult negotiations to pass the law

After difficult negotiations, the severely divided parliament agreed and the bill passed with the support of 96 votes without rejecting votes, which led to sending the massive stimulus package to the House of Representatives to vote on it Friday Friday.

Unemployment claims in the united states jump to highest level ever

President Donald Trump, who helped his top aides negotiate the measure backed by the Republican and Democratic parties, promised to sign the bill as soon as he reached his office. “I will sign it immediately,” he told reporters on Wednesday.

Huge rescue package

The bailout package, which would be the largest package ever approved by Congress, includes $ 500 billion in financing to help severely affected industries and a similar amount as direct payments to millions of US families, up to $ 3,000.

Corporate loans and subsidies

The legislation will also provide $ 350 billion in loans to small businesses, $ 250 billion to expand unemployment assistance and $ 100 billion in hospitals and health systems.

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