The U.S. unemployment rate likely shot up to almost 20% in May, a new post World War Two record, with millions more losing their jobs, exposing the horrific human toll from the COVID-19 crisis.
The number of Americans filing claims for unemployment benefits likely shot to a record high for a second week in a row as more jurisdictions enforced stay-at-home measures to curb the coronavirus pandemic, which economists say has pushed the economy into recession.
The U.S. unemployment rate dropped to near a 50-year low of 3.5per cent in September, with job growth increasing moderately, suggesting the slowing economy could avoid a recession for now despite trade tensions that are hammering manufacturing.
The number of United States citizens filing applications for unemployment benefits fell to more than a 49-year low last week, but the drop likely overstates the health of the labour market as claims for several states including California were estimated.
The US economy created many more jobs than expected in December, according to the latest government data. Employers added 312,000 jobs, far ahead of predictions of 177,000, the Labor Department said.
Jobs created in the United States during September fell to its lowest level in a year though the unemployment rate dropped to a point not seen in nearly 50 years, according to the Labor Department figures released Friday.