Business Administration

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5. 2 million Americans registered for unemployment benefits last week, as businesses remain closed in the middle of the coronavirus lockdown.

The new Department of labor applications, The Number of initial claims for unemployment benefits in The Last four weeks, More Than 20 million.

That had about as many jobs as the employer in the previous ten years.

The economic crisis comes as The Number of virus cases exceeds 629,000.

rising unemployment is a strong turnaround for The World 's largest economy, where the unemployment rate, hovering around 3. 5%. Economists now expect the rate to hit double digits.

While the 5. 2 million new claims in the week ended April 11 fell from 6. 6 million in the previous week, the figures are even eclipse records.

Many economists warn that the increased numbers expected with the Goldman-Sachs researchers that approximately 37 million claims by The End of may.

"records are made to be broken, to the left and to the right with respect to the depth and breadth of the current downturn," said Mark Hamrick, senior economic analyst at Bankrate. com.

"to spread with no immediate end in sight, the efforts to curb The Virus ' and influence, it is impossible to see a short term boost in employment prospects. "

'The Phone rings, said rings'

the electronics chain Best Buy This Week , it's vacation would be More Than 50,000 employees, while Royal Caribbean Cruises announced it would cut or suspend about a quarter of the American workforce.

The trains come in retail sales year-on-year to a record 8. 7%, while production in the manufacturing sector declined most in More Than 74 years.

it has expanded to The United States, its unemployment program, so that the payouts bigger and more People - including the self-employed are Eligible . But requests to participate from the state authorities, the applications have been overwhelmed.

Glenn Hawker , co-owner of the now-closed hair salon in Virginia, said he had requested the money as an independent contractor at least twice and was rejected. When he called to find out why he could not reach everyone.

"The Phone is ringing and ringing and ringing," the 49-year-old said.

Mr Hawker had also tried to support a loan program for small businesses, but he didn't get any.

On Thursday, the Small Business Administration , is responsible for the administration, that $349bn program, there was the money.

'worse and Worse'

Restaurant owner George Constantinou last month dismissed most of the 130 employees in The Four companies that he owns in New York and New Jersey , the retention of a core group that continues to do take-out and delivery.

He Said he expected that The Move would enable The Business - which saw sales decline of approximately 80% in the first few weeks - to save money and to get workers, at least some of the pay until he could return to.

"I honestly thought it was a two-week thing," He Said . "Then it will only get worse and worse and worse. "

in the Midst of delays in claims processing, some of the employees his help in applying for food stamps have tried. If the economic downturn is extended, new hires, each may not make sense, even after he open it completely.

"At this point, we have to take it, almost from day to day to figure it out," He Said .

U.S. President Donald Trump is expected that the topic of "new guidelines" for the re-opening of the economy in parts of the country, where the experts believe that the rate of infection is under control.

"It needs to be a balance," He Said on Wednesday. "We need to get Back To Work . "

unemployment, coronavirus lockdown measures, coronavirus pandemic, us economy, united states

Source of news: bbc.com