US lost 20,500,000 jobs in April as unemployment rate soars to 14.7%.
The economy has been devastated by the coronavirus pandemic, with stores and businesses shut down for weeks, in order to maintain social distancing and prevent the spread of the coronavirus. Millions of workers have been laid off, put on furlough, or made to work from home., with 22.6 million seeking ongoing benefits — by far surpassing the recessionary peak of 6.6 million.
President Donald Trump has pushed for a swift turnaround after weeks of lockdowns, saying he believes the economy will"transition into greatness" in the third quarter. And despite trillions of dollars in emergency relief from the government, multiple rounds of crisis intervention from the Federal Reserve, and fiscal stimulus such as the Paycheck Protection Program,Those who have taken PPP loans are funded for only eight weeks, after which time they may need to make further cutbacks — and employees who were furloughed may become permanent layoffs.
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.
Learn To Speak Up to 14 Languages With 60% Off Babbel's Top-Selling AppBabbel can teach the whole family a new language from home
Read more »
Tori Spelling and Dean McDermott Celebrate 14-Year Wedding Anniversary: 'We've Been Through a Lot''I can’t believe today is our 14 year anniversary!' Spelling wrote
Read more »
Britain to quarantine travellers for 14 days, UK airlines association saysThe British government has told airlines it will introduce a 14-day quarantine period for most people arriving from abroad to try to avoid a second peak of the coronavirus pandemic, an association representing the airlines said on Saturday.
Read more »
Indian train kills 14 workers laid-off in coronavirus lockdownAn Indian train killed 14 migrant workers who had fallen asleep on the track on Friday while they were heading back to their home village after losing their jobs in a coronavirus lockdown, police said.
Read more »
14 Super Cute Headbands for Those Last-Minute Video CallsSpruce up your next on-camera meeting with one of these glam bands.
Read more »
Week Of Women: May 8-14, 2020ft. new books by Jenny Zhang, Olivia Laing, and more.
Read more »