WASHINGTON: Job cuts by U.S. state and local governments whose budgets have been crushed fighting the COVID-19 pandemic and more second-wave layoffs in the private sector likely contributed last week to a 10th straight week of more than 2 million Americans seeking unemployment benefits.
"If that is the case, given the pace of reopening, we could be in for an extended period of extraordinary high unemployment. And that means the recovery will be slower and will take a lot longer." The second wave of layoffs could grow bigger, with Boeing announcing on Wednesday it was eliminating more than 12,000 U.S. jobs and also disclosing it planned"several thousand remaining layoffs" in the next few months.
There is also belief that state employment offices are combining filings for the federal government's Pandemic Unemployment Assistance program with regular jobless claims instead of separating them as required by the Labor Department. The focus should be on the number of people still receiving unemployment benefits. These so-called continuing claims could shed light on the effectiveness of the government's Paycheck Protection Program.
china has 80 million jobless.
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