U.S. Great Depression-level job cuts because of corona virus
The Financial Times (FT) reported on July 3 that the number of unemployed people in the U.S. has soared to the level during the Great Depression, causing the worldwide unemployment crisis caused by the Covid-19. ◇ U.S. application for 6.6 million unemployment benefits last week The U.S. Department of Labor announced Monday that about 6.6 million people applied for unemployment benefits last week. It was a record increase, doubling from 3.3 million in the previous week. Experts' expectations were also far higher. By state, California, Pennsylvania and New York were the first to apply. From March 15 to the end, more than 10 million people applied for unemployment benefits. This is the level of the Great Depression in the 1920s and 30s. The number of unemployed surged as many jobs were temporarily closed to prevent the spread of Covid-19, while some industries, such as aviation and tourism, were hit directly. On top of this, analysts say that the governm...