US national debt hits $26 TRILLION _ 1.5 million jobless filings added

• 2020-06-13
• Traiding Idea

 US national debt hits $26 TRILLION

The latest figures from the US Treasury Department show that the country's gross national debt has exceeded $ 26 trillion for the first time, as nation grappling with the economic crisis caused by the Covid-19 pandemic.

US national debt rose from $ 23.5 trillion in March to $ 26 trillion. That's up $ 1 trillion since May 5.

Public debt has risen to $ 6 trillion since Donald Trump took office in 2017, according to the Treasury Department.

The Treasury Department also stressed that the growth of public debt was due to the allocation of funds to the Covid-19 pandemic program and the postponement of taxes.

Since the onset of the pandemic, the US government has allocated trillions of dollars in Coronavirus relief.

According to the Treasury Department's monthly report, the federal government's budget deficit for the first eight months of this fiscal year (which began October 1, 2019) has reached $ 1.88 trillion - higher than any annual budget deficit in US history.

The 2020 eight-month budget deficit was more than double the $ 738.6 billion deficit for the same period in fiscal 2019.

1.5 million jobless filings added

Over the past week, about 1.5 million people in the United States have applied for unemployment benefits, indicating that Americans are still losing their jobs despite the reopening of the economy.

According to the latest figures from the US Department of Labor, unemployment insurance claims fell for the 10th consecutive week, but the rate of layoffs is still at an all-time high.

Last week's job report also showed that American employers added 2.5 million jobs in May, an unexpected increase.

Although the unemployment rate has fallen from 14.7 % to 13.3 %, the figure is still high. Even with the increase in hires in May, one in nine people who lost their jobs in March and April has returned to work.

Nearly 21 million people in the United States are still officially unemployed.

Thursday's report also shows that another 706,000 people applied for unemployment benefits last week under a new government assistance program for self-employed and gig workers.

These figures for seasonal variations have not yet been set, so the government has not considered them in the official count.