One in four of the U.S. workforce registers for unemployment benefits

Economic recovery in the United States is projected to be slower than previously thought

As of mid-March in the United States, 2.50 million workers have registered for unemployment benefits. In the United States, this figure is about 5 percent of the total workforce. That means one in four workforces is unemployed, according to a report.

Although the growth rate of the unemployed has slowed down, it is much higher than the previous record of seven lakh. This is the first such weekly decline since the severe recession of 2008, an analyst said.

Economic recovery in the United States is projected to be slower than previously thought. In April, employers laid off more than 20 million workers, pushing the unemployment rate to 18.50 per cent. New job creation over the past decade has been eroded by the coronavirus.

Employment conditions are expected to improve in the United States as various states ease sanctions. Considering that many states have stepped up the pace of easing lockdowns in the last ten days, the number of hiring claims for unemployment is expected to be higher in the coming days.

Lack of proper facilities has also made it difficult for the Labor Department to register unemployment claims.