The Corona-crisis has led in the USA to mass unemployment. It is the most serious crisis in the labour market for many decades. But now there is hope. President Trump speaks of a breakthrough.
Washington (Reuters) - After the dramatic collapse of the US economy because of the Coronavirus pandemic, there is again a glimmer of hope.
The unemployment rate fell from 14.7 percent in the previous month, to 13.3 percent in may, the U.S. government announced on Friday. The number of persons employed outside of agriculture rose accordingly by 2.5 million. The fall in unemployment came as a surprise: The majority of analysts had expected an increase of about 20 percent. The New York benchmark index Dow Jones rose in the morning (local time), at times by more than three percent to around 27,000 points.
"The Numbers are incredible," said President Donald Trump in the garden of the White house in front of journalists. "This is a big step for our Comeback," he said. The situation on the labour market have improved considerably, although there is in many States still strict Corona pads. The economy will grow soon, such as "a rocket" and the "greatest" in the world, promised to Trump competing in November to a second term. The Corona-crisis is more "like a hurricane" - destructive, but you can recover quickly away, Trump said.
The unemployment rate in may was still on the highest level in decades, and the pandemic is not weathered. Experts also fear that the unemployment itself could be the end of next year, just below the threshold of 10 percent. In February, the US unemployment rate was 3.5 percent, the lowest level in decades.
In may, it was categorized a large number of an employee simply as "absent" from the workplace for other reasons, so neither as employed nor as unemployed. If this would be counted as unemployed, the unemployment rate is over 16 percent, it said.
of The labour market in the USA is more flexible than for example in Germany: employees can much more quickly be dismissed, but it is also much faster to new hires. Strong hiring reported in may, particularly in the areas of trade, education, services and the health sector.
Since March, had lost in the U.S., more than 42 million people at least temporarily, your Job - as many as never before in such a short period of time. As a result of the gradual easing of exit restrictions in most of the States had gone back to the Figures of the weekly new claims for unemployment assistance last. Many shops, factories and Restaurants allowed to open in the U.S. in the meantime, again subject to conditions.
The new labor market data showed that "again the settings earlier and more started" as the number of initial applications suggested recently, wrote Analyst Michael Pearce, of the consultancy Capital Economics. "The faster-than-expected turnaround in the labour market is not encouraging hopes that the Virus leaves the same lasting wounds on the labour market behind like normal typical recessions," he wrote.
Particularly affected by the recent layoffs, members of minorities, such as Latinos and African-Americans, which is likely to have fueled the recent protests after the death of George Floyd during a police operation additional. The unemployment rate for Blacks was in may, now at 16.8 percent, while those for White, 12.4 percent.
The U.S. Congress has so far decided Corona-stimulus packages amounting to around 2.7 trillion dollars, or the equivalent of ten percent of the annual U.S. economic output. Also, the US Federal Reserve Bank (Fed) has set up programs to prevent a crash of the economy and the financial markets. According to the assessment of Fed Chairman Jerome Powell, the Corona has plunged pandemic, the US economy in the worst recession since the Second world war.
In the USA there is data from the University of Johns Hopkins is that so far, nearly 1.9 million known Corona-infections and more than 108 000 deaths. That's the equivalent of almost a third of the world's confirmed infections and a quarter of the deaths.
data of the University of Johns Hopkins to the Corona epidemic, English
press release on the unemployment rate in may, EnglishUpdated Date: 08 June 2020, 07:35