U.S. President Donald Trump announced new measures during a White House briefing Thursday, April 9, aimed at boosting the U.S. economy amid the coronavirus pandemic.
READ MORE: At the White House daily briefing, the president brushed off fears the economy won’t quickly rebound after the crisis. Trump praised the resolve of Americans in overcoming the economic troubles. Trump also talked about the U.S. Federal Reserve’s program to provide up to $2.3 trillion in loans targeting U.S. businesses, local governments and households besieged by the coronavirus outbreak.
In a speech at the Brookings Institution in Washington, Federal Reserve Chairman Jerome Powell said that the Fed fully intended to use its powers “forcefully, proactively and aggressively” until it’s confident the U.S. economy is “solidly on the road to recovery.
A staggering 16.8 million Americans lost their jobs in just three weeks, a measure of how fast the coronavirus has brought world economies to their knees.
Another 6.6 million U.S. workers filed for unemployment compensation last week as the coronavirus pandemic continues to wreak havoc on the American economy, the U.S. Labor Department reported Thursday.
The new figure pushed the three-week total to more than 16 million workers looking for financial assistance, with millions more laid-off employees expected to file claims in the coming weeks as businesses large and small shut their operations or severely limit them.
The total of 6.6 million new claims was only slightly less than the revised 6.8 million figures from two weeks ago. But the back-to-back figures were the two highest since the Department of Labor started tracking the data in 1967.
That amounts to about 1 in 10 American workers – the biggest, fastest pile-up of job losses since the world’s largest economy began keeping records in 1948. And still more job cuts are expected.
The US unemployment rate in April could hit 15% – a number not seen since the end of the Great Depression. The U.S. has over 465,000 COVID-19 cases and more than 16,000 deaths. (VOA/AP)