US sees 1.54 million new jobless claims as virus layoffs go on

News Image

MG News | June 11, 2020 at 11:22 PM GMT+05:00

0:00

June 11, 2020: Layoffs caused by the coronavrius pandemic reached 44.2 million in the United States even as businesses try to reopen, with analysts warning of continuing damage to the world's largest economy.

Wall Street stocks plunged at the start of trading Thursday, reversing recent gains as traders became spooked by resurgent coronavirus cases in parts of the country and the new Labor Department data showing 1.54 million workers putting in new unemployment benefit claims last week.

Such massive layoffs have become routine since shutdowns to stop the coronavirus from spreading began in mid-March and have been declining since reaching their peak later that month.

But the weekly total is still well above any figure seen during the global financial crisis in 2008.

Rubeela Farooqi of High Frequency Economics said the data shows the US economy is clearly not back to normal.

"States and businesses have reopened, but activity remains restricted and subdued, which will likely result in ongoing layoffs over coming weeks," she said in an analysis.

COVID-19 remains a stubborn threat in the United States, which continues to record around 20,000 new cases every day with few signs of a reduction. States like Texas and North Carolina are seeing more patients hospitalized with the virus than a month ago.

AFP/APP

Related News

Name Price/Vol %Chg/NChg
KSE100 138,412.25
167.69M
0.32%
447.43
ALLSHR 85,702.96
423.92M
0.15%
131.52
KSE30 42,254.84
82.09M
0.43%
180.24
KMI30 194,109.59
84.37M
0.15%
281.36
KMIALLSHR 56,713.67
217.03M
0.03%
16.37
BKTi 37,831.34
13.04M
1.62%
603.62
OGTi 27,440.63
3.93M
-0.09%
-23.70
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,690.00 119,440.00
118,145.00
395.00
0.33%
BRENT CRUDE 72.92 73.17
71.75
0.41
0.57%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 69.63 69.79
68.45
0.42
0.61%
SUGAR #11 WORLD 16.49 16.58
16.37
-0.10
-0.60%

Chart of the Day


Latest News
July 30, 2025 at 05:54 PM GMT+05:00

Pakistan BCI decreased by 1.2 points in July


July 30, 2025 at 05:17 PM GMT+05:00

Pakistan consumer confidence falls to 40.1 points in July


July 30, 2025 at 05:03 PM GMT+05:00

PKR rises by 10 paisa against USD


July 30, 2025 at 04:11 PM GMT+05:00

PSX Closing Bell: You Can’t Always Get What You Want



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg