Unemployment falls in the US; But still remains very high


Photo: Joblessness | representational via : Dreamstime

Shaken by the Pandemic, the US is probably facing its greatest economic crisis after the great depression. GDP growth rate fell to negative 4% last year and the Unemployment raised to sky-high.

According to a report by Aljazeera, the number of people who seek jobless benefits has gone down. The US Department of Labor said on Thursday that the number of people who seek job benefits has fallen from 5.2 million last week to 5.1 million this week.

However, the fall in jobless claims does not count the people who do not claim the unemployment benefits or are tired of looking for a job, So, the actual Unemployment is said to be much higher than that.

The fall of jobless claims still implies those people are getting the job or other extended economic benefits.

More than 10 million people are getting support from the extended-benefits programs, which now offer up to 50 weeks of benefits, or from a new program that provides benefits to contractors and the self-employed.

Some economists claim the economic depression and the increasing joblessness are the results of the pandemic and will last as long as COVID is in the driver's seat.

While some economists are critical of that and argue COVID being only a scapegoat. They say the crisis was inevitable due to the way our economic policies and the whole economy is structured.

Publish : 2021-01-21 23:18:00

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