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40.7 Million Americans Seek Unemployment Benefits

Ken Bredemeier

   WASHINGTON - Applications for unemployment compensation eased again in
   the U.S. last week, the Labor Department reported Thursday, as some
   employers started to reopen businesses after the coronavirus pandemic
   forced their closure.

   Even so, another 2.1 million more workers sought cash benefits after
   being laid off as other businesses curtailed their operations in the
   face of the continuing threat from the virus and less demand for their
   products.

   In all, since mid-March, 40.7 million workers have now sought
   unemployment compensation, nearly a quarter of the U.S. labor force of
   more than 164 million.

   However, the current actual number of jobless workers is unknown since
   some who sought unemployment benefits in previous weeks have now been
   called back to work by their employers. All 50 state governors have
   begun to ease restrictions on businesses opening in a patch-work array
   of directives that varies widely throughout the country.

   The U.S. death toll from the virus topped 100,000 on Wednesday and
   health experts predict tens of thousands more will die in the coming
   months. But President Donald Trump, facing a November re-election
   contest against former Vice President Joe Biden, is predicting the
   country will have a robust economic recovery.

   "States should open up ASAP," Trump said on Twitter this week as the
   stock indexes advanced sharply. "The Transition to Greatness has
   started, ahead of schedule. There will be ups and downs, but next year
   will be one of the best ever!"

     Stock Market up BIG, DOW crosses 25,000. S&P 500 over 3000. States
     should open up ASAP. The Transition to Greatness has started, ahead
     of schedule. There will be ups and downs, but next year will be one
     of the best ever!
     -- Donald J. Trump (@realDonaldTrump) [1]May 26, 2020

   But the coronavirus has had a major effect on U.S. commerce, with 27
   companies already filing for bankruptcy protection in May and some
   companies announcing they were closing permanently.

   The official April unemployment rate was 14.7%, with Trump economic
   advisers acknowledging that the May figure, when it is announced in
   early June, is likely to be 20% or more. They say the rate could remain
   in double digits on Election Day Nov. 3 and could still be about 10% at
   the end of 2021.

   The government says the national economy dropped 4.8% in the first
   quarter, but that was before the full impact of the pandemic became
   apparent.

References

   1. https://twitter.com/realDonaldTrump/status/1265277965383983104?ref_src=twsrc%5Etfw