The U.S. government will provide its latest report Thursday on the layoffs that have left millions unemployed and have remained high even as many businesses have reopened and rehired some laid-off workers.
The weekly toll of job cuts has steadily declined since the coronavirus first struck hard in March, forcing business closures and tipping the economy into recession. But last week’s report on applications for jobless aid showed that the pace of decline had stalled at a high level, evidence that many companies are still shedding workers.
Now, a sudden resurgence of COVID-19 cases is threatening to derail what had looked like the start of an economic recovery.
In May, employers added 2.5 million jobs, and the unemployment rate fell from 14.7% to a still-high 13.3%. But the economy and the job market may struggle to sustain their recent gains amid the surge in new viral infections, which could cause a new round of business shutdowns.
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June 25, 2020 at 06:49PM
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Many More Likely Sought Jobless Aid With Layoffs Still High - NECN
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