The United States economy collapsed in the midst of the coronavirus pandemic, suffering the largest decline on record, while hopes for a recovery took another hit as job losses increased, according to government data released on Thursday, July 30.
Labor Department data indicated a second straight increase in initial claims for jobless benefits last week following several weeks of declines, prompting renewed calls for Congress to quickly approve a new round of emergency spending to support the economy. The data "should compel Congress to move swiftly to provide targeted and temporary assistance to unemployed Americans, employers, and state and local governments, and liability protections for businesses who follow public health guidelines.
After surging in March amid the massive job losses at the start of the pandemic, first-time claims for jobless benefits have been falling for weeks, but they rose again to 1.43 million in the week ended July 25, the Labor Department said on Thursday. Continuing claims, the number of people receiving benefits for more than a week, jumped to over 17 million while the insured unemployment rate rose to 11.6% in the week ended July 18.The plunge in GDP was driven largely by the drop in its largest component consumer spending, which fell 34.6% annualized, according to the data, which was the first estimate for the 2nd quarter.
Source: Financial Digest (financialdigest.net)
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