The unemployment rate in America has reached a terrible level even than the second world war said : Federal Reserve
The unemployment rate in America has reached a terrible level even than the second world war. According to the data released by the US Federal Reserve, this situation has been seen due to the coronavirus epidemic. The Central Bank of America has said this while presenting its monetary policy report in Congress.
The job of 2 crore people has gone since February
US Federal Reserve said that from February till now companies have shown the way out to 2 crore people in America. Due to this, the increase in jobs in the last 10 years has gone backward. The unemployment rate was 14.7 percent in the month of April, which has come down slightly to 13.3 percent in May.
A difficult time for Donald Trump:
Federal Reserve Chairman Jerome Powell said that millions of people may be permanently unemployed in the United States. In such a situation, the American economy will currently need financial support from the Trump administration. The Fed has also stated in the report that the lowest job losses have been caused by low-income and socio-economic groups, which are “disrespectful” among low-paid jobs.
The Labor Department said in the report on Thursday that the number of initial unemployed in the US was 1.54 million last week, which continued efforts to restart.
4.4 crore people claimed to be unemployed
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Over the past 12 weeks, more than 4.4 million people have claimed to be unemployed as the COVID-19-induced recession sent waves through the US labor market, leading to the outbreak Indicates an economic decline.