Business

US jobless claims set to surge again before April jobs data

Posted May 07, 2020 7:00 am

By CHRISTOPHER RUGABER

WASHINGTON (AP) - The government is set Thursday to release another dire picture of the layoffs that have pummeled America's workforce, one day before it will issue what is sure to be the worst monthly jobs report since record-keeping began seven decades ago.

The Labor Department will likely announce that several million more people filed for unemployment benefits last week, after more than 30 million sought aid in the previous six weeks after the coronavirus forced employers across the country to close.

Most nonessential businesses remain shut down, though a majority of states are beginning to ease restrictions for some categories of companies despite concerns that it may be too soon to do so without accelerating new infections.

For the April jobs report coming Friday, economists are forecasting at least 21 million job losses and an unemployment rate of 16 percent or more - the highest rate since the Great Depression of the 1930s.

A woman wearing a mask walks with her groceries past a closed Lakeshore Cinema theatre, Wednesday, May 6, 2020, in Euclid, Ohio. With the economy paralyzed by business closures, the unemployment rate likely jumped to at least 16% - from just 4.4% in March - and employers cut a stunning 21 million or more jobs just in April, economists have forecast. (AP Photo/Tony Dejak) The Associated Press

Article Comments

Article Categories
Business Content Providers Nation and World News

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.