6.6m Americans signed on last week, bringing the unemployed total to 17m. The record week almost matches thew week before, when nearly 7m applied for benefits, and the week before that, when more than 3m lost their jobs. Experts had predicted a 5m jump, and the larger toll signals a worse economic downturn than expected.
Economists are expecting job losses will continue, with the unemployment rate peaking in the double digits sometime in the next few months, up from 4.4% in March. Bank of America economists predict employers will cut between 16 million and 20 million jobs, with the unemployment rate peaking at 15.6% between now and June. If that's the case, it could take at least a couple years for unemployment to return to its pre-pandemic levels.
The recoveries from both those downturns were painfully slow, dragging on for years. Economists are hoping the recovery from this downturn will be faster, but ultimately, that will depend on when the coronavirus outbreak is contained.
$3 Trillion Coronavirus stimulus bill called ‘HEROES Act’
Today, in an exchange with a noted fan on Fox Business, impeached and manifestly unfit President Trump said a bunch of really dumb untrue things on live television that made no sense at all.
• U.S. jobless claims totaled 2.98 million last week, unemployment is close to 16%
Even though it feels like Amazon is a singular retail juggernaut crushing everybody else, you might be surprised to learn that half of Amazon’s $280 billion in revenue last year came from third-party sellers. According to numbers compiled by JungleScout, 86 percent of Amazon’s Fulfilled by Amazon (FBA) sellers were profitable last year, more than […]
Amidst all the deadly serious concern and fallout from our global battle against COVID-19, you’ve likely been forced to confront more than a few moments that you never expected to face. And you likely never felt sillier during this scary time than when you were racing all over town hoping desperately that some store had […]
“It’s better to have it and not need it than to need it and not have it.” – “Lonesome Dove,” Larry McMurtry If the past few months have taught us anything, it’s that we need to be prepared now more than ever. Emergency situations can happen quickly and there’s no telling when you may need […]