WASHINGTON: The number of Americans filing for unemployment benefits held above 2 million last week for a 10th straight week amid job cuts by U.S. state and local governments whose budgets have been decimated fighting the COVID-19 pandemic and more second-wave layoffs in the private sector.
"I am concerned that we are seeing a second round of private sector layoffs that, coupled with a rising number of public sector cutbacks is driving up the number of people unemployed," said Joel Naroff, chief economist at Naroff Economics in Holland, Pennsylvania."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 PPP is part of a historic fiscal package worth nearly US$3 trillion and offered businesses loans that could be partially forgiven if they were used for employee salaries. In a separate report on Thursday, the Commerce Department said orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, dropped 5.8per cent last month after falling 1.1per cent in March.
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