Sunday March 29, 2020

Covid-19: Record 3.3m apply for jobless benefit in US

European Central Bank scraps most of the bond-buying limits in its €750 billion pandemic emergency programme

26th March, 2020
The closed pier at Huntington Beach, California. The US Department of Labour said 3.3 million people had applied for social welfare in the past week. Picture: Getty

More than 3 million Americans have filed for unemployment benefits as the pandemic continues to wreak economic havoc.

The US Department of Labour said 3.3 million people had applied for social welfare, up from 283,000 the previous week and far surpassing expectations of less than 2 million.

Despite the historic single-week job losses, stock markets continued to rally as hopes that stimulus plans agreed in recent days will kickstart a recovery.

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