Economists have forecast that the unemployment rate for April could go as high as 20% as employers slash payrolls amid the coronavirus crisis.
More than 3.8 million laid-off workers applied for unemployment benefits last week as the U.S. economy slid further into a crisis that is becoming the most devastating since the 1930s.
With more employers cutting payrolls to save money, economists have forecast that the unemployment rate for April could go as high as 20%. That would be the highest rate since it reached 25% during the Great Depression. With some signs that the viral outbreak may have plateaued at least in certain areas of the country, a few governors have taken tentative steps to begin reopening their economies. But surveys show that a large majority of Americans remain wary of returning to shopping, traveling and other normal economic activity. That suggests that many industries will struggle with diminished revenue for weeks or months to come and might be unable to rehire laid-off workers.
Thursday’s figures also showed that states have approved the benefit applications of nearly 18 million people. This figure is much lower than the total number of people who have sought unemployment aid since the virus struck, in part because it lags behind by one week. And not everyone who applies for benefits manages to receive them.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Colonel' Tom's fundraising total exceeds 30 million poundsThe total raised by Britain’s 'Colonel' Tom Moore for health service charities exceeded 30 million pounds on the veteran’s 100th birthday. Moore captured the hearts of a nation during the COVID-19 pandemic by walking 100 laps of his garden to raise money
Read more »
This Twofer of Culty Vitamin-C Creams Is 30 Percent OffIf you’ve started to notice that all this time indoors has left your skin looking a little like … you’ve spent the last month indoors, this should help
Read more »
Beloved Brooklyn teacher, 30, dies of coronavirus after she was twice denied a COVID-19 testA beloved 30-year-old middle school social studies teacher from Brooklyn has died of COVID-19 following a month-long battle, after twice being turned away for testing before eventually being diagnosed with the virus. Rana Zoe Mungin, who had been clinging to life in the hospital for more than a month
Read more »
'13 Going on 30' and the Problem with Skipping Over the Hard Parts'One thing that I realized in re-watching 13 Going on 30, which turned 16 last week, is that a middle school version of myself would be *terrible* at my job. But would he navigate the present better?' oureric writes:
Read more »
30 Fun, Drama-Packed High School Shows to Watch on NetflixIf you haven't started watching MindyKaling's NeverHaveIEver, you should! 👏
Read more »