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The U.S. unemployment rate is expected to soar by about 20% in May, surpassing the historic record monitored during World War Two. The prediction is likely as millions of people suffer from joblessness, revealing the colossal damage of the novel coronavirus pandemic.
Two separate records were released and according to Reuters, the unemployment rate soared to 19.8% in May from 14.7% in April. This came to be the sharpest record since the government started releasing data in 1948.
The survey of establishments also rendered negative results, highlighting that nonfarm payrolls fell by 8 million jobs after the historic 20, 537 million job losses in April.
Moreover, consumer confidence was seen recuperating together with the services and factory sectors. Though recovery is gradual, this still indicates that the worst was over.
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 ...
Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
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 ...
Samsung Electronics’ shares joined TSMC, its competitor, as both extended gains on Tuesday. This was mainly from upbeat expectations that Intel Corp’s plan of outsourcing more chip producers would favor the chipmakers. Shares of ...
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