Unemployment fell for the first time since the coronavirus pandemic began in the United States. As the quarantine restrictions that were imposed by COVID-19 begin to ease, companies across the country, even here at home, begin to recover and hire employees.
In many cases, shifts are limited and hours are few, but at least many are thankful that they have some money to cover their weekly expenses. The U.S. Department of Labor announced last Friday June 5 that the unemployment rate fell from 14.7% to 13.3% with 2.5 million jobs added in May. This occurs after April unemployment reached alarming figures since records began to be maintained in 1948 with almost 40 million unemployed.
The recovery has been significant, although many expected that the unemployment rate could reach around 20%, President Donald Trump has always remained positive about the economy’s recovery. “We had the greatest economy in the history of our country. We had the greatest economy in the history of the world and that strength let us get through this horrible pandemic”, Trump said.
Beyond the increase in employment, 21 million people still remain unemployed, leaving the highest unemployment rate seen in decades in the United States. So far the data reflects that unemployment declined in May for whites and hispanics, but remained about the same for blacks and asians.
However, due to the reopening of the country, now some of the people who were unemployed in April, had to go to work in food processing plants or a factory, they are a minority, while others must wait for their jobs to return more slowly.
But some analysts insist that some jobs will take longer to recover than others, especially if a second wave of coronavirus arrives in the country. Others think that this increase in employment could lead the Trump administration and Congress to invest less money to bail out the economy.
That is why Democrats are renewing calls for Republicans to support the extension of an expanded unemployment program that will expire in late July, as increases in coronavirus cases in some states threaten to spread the deep economic damage of the pandemic, as several of those states are in favor of closing the economy again.
And of course, although there is a bipartisan agreement on aid to alleviate the coronavirus crisis to the citizens of the United States, there is no agreement with the Trump administration, since last week White House officials and Republican negotiators they decided that they will not hold negotiations on the next round of stimulus legislation until after Congress returns from the recess in late July, so for now they will not reach an agreement on new stimuli to the economy.
Although it seems that there will be an agreement at the level of Congress, the president of the Federal Reserve, Jerome Powell, said that Congress should act to provide further assistance to the unemployed on Tuesday and told the legislators that many of the approximately 20 million Americans who lost their jobs during the outbreak «will not … be able to return to their old jobs or even their old industries» in revealing statements that show the current gloomy picture of the country. «We have a long road ahead of us to get these people back to work», Powell said.
Back in March, there was a bipartisan agreement to launch a $2 trillion stimulus package, lawmakers included a general payment of $600 a week to US citizens for four months, which will expire in late July.
On the other hand, last month, Democrats in the House of Representatives approved a bill that was to be brought to the Senate, containing a $3 trillion coronavirus stimulus package that would extend the unemployment program pushed to late January 2021. However, this bill was not approved in the Republican-controlled Senate.
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