June 12, 2020: A total of 42 million have filed for unemployment in the United States while the report say there 20 million more people who are yet to apply for the unemployment even though they are already unemployed.

The report release this stated out of shock the unemployment rate dropped to 16.4% in last month as many of the jobs being created even though there was no opening people were hired in Hospitality, Travel, Retail, Clinics, Hospital etc. The claim for unemployment last week was 1.5million. While there are places where the stage 2 re-opening has started and any small business are trying their best to get back and provide more employment across the United States.

The people filling for unemployment has fallen from last 10 weeks, the weekly claim was dropped by 339,000 making it to 21.9 million as of yesterday which is the good sign in terms of the employment however, the stock market saw a drop in recent days than usual.

Jerome Powell quoted after the meeting. “There will be a significant chunk, well into the millions of people who don’t get to go back to their old jobs, and there may not be a job in that industry for them for some time,” he said.