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United States: almost 3.3 million Americans have applied for the unemployment benefits amid a global lockdown

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United States: almost 3.3 million Americans have applied for the unemployment benefits amid a global lockdown

There has been an increase in the weekly application of Americans applying for unemployment benefits since last week. Almost 3.3 million have applied for the benefits amid a global lockdown brought about by the coronavirus.

Income has crumpled at cafés, inns, cinemas, tourism, and malls are shut down. Cities are under lockdown because of the pandemic, and Layoffs might rise.

As joblessness increases, some financial experts state the country’s unemployment rate could reach 13% by May.

The jobless rate was 10% during the Great Recession, which ended in 2009.

However, by the April-June quarter of the year, a few financial experts estimate the economy will recoil at its steepest yearly pace ever — a compression that could arrive at 30%.

In its report on Thursday, the Labor Department stated 3.283 million individuals applied for unemployment benefits a week ago, which is more than the earlier week.

With layoffs increasing in numbers, a noteworthy development of unemployment benefits was included in an economic relief bill approaching the last endorsement in Congress.

As per the bill would provide an extra $600 per week as the unemployed aid that states give. Another scheme would supply 13 additional weeks of benefits beyond the six months of unemployment aid that many states grant. The new law would likewise extend layoff benefits, for the first time, to gig workers and other people who are not on company payrolls.

A separate law passed last week to provide $1 billion to each state in order to upgrade their ability to process claims. However, that cash will take time to get distributed.

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