The US government is expected Thursday to issue another bleak report on the layoffs that have cut through America’s workforce since the coronavirus forced businesses across the country to shut down starting last month.
The Labor Department will likely report that several million more people filed for unemployment benefits last week, after more than 26 million applied for aid in the previous five weeks. All told, the layoffs add up to the largest streak of US job losses on record.
Across nearly every industry, nonessential businesses have closed, and workers have been sent home with no clear idea of when or whether they might be recalled. An economic recovery may be months or years off, though governors in a few states have begun allowing some businesses to reopen under certain restrictions.
For April, economists say the unemployment rate could go as high as 20 percent. That would be the highest rate since the Great Depression, when it reached 25 percent.
Collapsing economy, skyrocketing unemployment sparking lively debates in USCollapsing economy and skyrocketing unemployment are sparking lively debates in the US over how long severe restrictions on movement should be in ... Reports
US unemployment could hit 30 percent due to coronavirus: Fed officialFederal Reserve Bank of St. Louis President James Bullard predicted the US unemployment rate may hit 30 percent in the second quarter because of ... Economy
US adds 145,000 jobs in December with unemployment steady at 3.5 pctAmerica’s solid job creation continued in December but a slower pace while wages cooled off, according to the closely-watched government report ... Economy