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Another huge blow to US workers expected in May jobs report
Jun 05, 2020 1 min, 35 secs
WASHINGTON (AP) — America’s workers likely suffered another devastating blow in May, with millions more jobs lost to the viral pandemic and an unemployment rate near or even above 20% for the first time since the Great Depression.

Economists have forecast that the government will report Friday that employers shed 8.5 million more jobs last month on top of 21.4 million lost in March and April.

A figure that large would raise the total losses since the coronavirus intensified nearly three months ago to almost 30 million — more than triple the number of jobs lost during the 2008-2009 Great Recession.

The economy has sunk into what looks like a deep recession, and most economists foresee unemployment remaining above 10% — its peak during the Great Recession — through the November elections and into next year.

A report Thursday on applications for unemployment benefits reinforced the picture of a bleak job market: The number of people seeking jobless aid last week was double the previous record high that prevailed before the viral outbreak occurred.

The total number of people receiving unemployment aid rose slightly, the government said, but stayed below a peak of 25 million reached two weeks earlier.

But economists say the pace of hiring will then likely lag as a severe recession and high unemployment hold back consumer spending, the main driver of the economy.

job losses turn out to be permanent, that would leave roughly 10 million people out of work

That is still more than all the jobs lost in the Great Recession

Oxford Economics estimates that the economy will regain 17 million jobs by year’s end, a huge increase by historical standards

Duesbery said she is grateful for the opportunity, given that she hasn’t received unemployment benefits since the restaurant closed in March and has run through her savings

The restaurant, Bowdie’s Chop House, has reservations for about 20 people for its opening night Monday and said it has drawn plenty of interest from longtime customers

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