A woman looks to get information at an employment office in Arlington Heights on April 9.
The pace of layoffs passed their peak but continue in massive numbers, with the Labour Department reporting another 2.12 million workers making new claims for unemployment benefits in the week ended May 23. Even so, there are more than 21 million people relying on government payments, up from 1.7 million in the same week of 2019.
California also saw a large decline, but Ian Shepherdson of Pantheon Macroeconomics said that was a technicality as unemployed workers in the state were not required to file for benefits in the latest week. A separate Commerce Department report showed orders of manufactured goods – a key component of measuring GDP in the services-dominated US economy – plummeting by 17.2% in April, following a 16.6% drop in March.
Like other companies nationwide, Boeing shuttered its US factories due to the pandemic but has since resumed production while planning to slash its workforce by 10% and slow output.All told, transportation orders collapsed by more than 47% after the 43% plunge in March.The Commerce Department also reported that US GDP fell 5% in the first three months of the year, slightly worse than the 4.8% drop originally reported, putting an end to a decade of economic expansion.
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