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%
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Maybe you had a piano teacher as a kid that drove you off the instrument forever. Or maybe you always wished for some serious training, but never found the time. Whether you have dreams of tossing off a Beethoven or Chopin piece at the drop of a hat or you have visions of being the […]