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Last week, more than 3 million people were unemployed and more than 30 million people applied for assistance in 7 weeks

An old sign announcing they are hiring hangs in the window of a closed store along Broadway, Thursday, May 7, 2020, in the Soho neighborhood of Manhattan in New York. Nearly 3.2 million laid-off workers applied for unemployment benefits last week as the business shutdowns caused by the coronavirus outbreak deepened the worst U.S. economic catastrophe in decades. (AP Photo/Mary Altaffer)

The US Department of Labor released the latest unemployment data. In the week ending May 2, the number of new unemployed people in the United States was 3.17 million, an increase of nearly 3 million, which was a decrease from the previous week’s growth of 3.84 million. The number of people applying for unemployment benefits has also exceeded 3 million for seven consecutive weeks, with a total of 33.5 million. It is estimated that the unemployment rate in the United States in April will be between 15% and 20%, a record high.

At present, many states in the United States are gradually restarting. According to the latest poll results of the “Washington Post”, 77% of the unemployed believe that they will return to their jobs once the epidemic eases. However, many economists predict that the current 40% unemployment will likely be permanent.

The data also shows that as of the week of April 25, the number of people receiving unemployment benefits nationwide rose to 22.647 million, continuing to record highs. The insured unemployment rate of the number of insured persons who are receiving unemployment benefits increased by 3.1 percentage points month-on-month to 15.5%, a record high.

Analysts believe that the number of first-time jobless claims in the United States has continued to decrease, showing that the initial economic shock caused by the new crown epidemic is fading, but the rate of decline is slower than expected. As the United States has not yet put in place effective measures to curb the new crown epidemic, as consumer and corporate spending declines to affect the overall economy, unemployment problems may continue to ferment and continue.

The US Department of Labor is about to announce its April employment report on May 8. Economists expect the US unemployment rate to soar to 16% in April. In March today, the US unemployment rate was 4.4%.

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