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The United States Labor Department reported on Thursday that jobless claims edged down to a near four-month low since last week, while 32.9 Million Americans collected unemployment benefits in the third week of June. The government agency stated that the labor market would take years to recover from the coronavirus pandemic.
According to the released data, even if the initial jobless claims fell this month, it was still the highest level compared to the last recession.
Further declines were expected after states including Florida, Texas, and California delayed reopening plans of businesses amid a surge in new coronavirus cases.
“Don’t be fooled, the economy’s troubles aren’t over yet, not by a long shot. For the labor market, it is not the second wave that is holding jobs in suspension, it is the fears of the second wave and even a third wave that is holding the economy back and making the road to recovery an even longer one,” Mitsubishi UFJ Financial Group’s Chief Economist Chris Rupkey said.
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, ...
Spain’s unemployment rose to 15.33% for the second quarter of 2020, according to Tuesday’s data from the National Statistics Institute amid the worsening COVID-19 situation in the country. The unemployment rate surged past the ...
Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar. The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the ...
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