WASHINGTON (AP) — The U.S. government is set to issue its latest report Thursday on the layoffs that have left millions unemployed but have steadily slowed as many businesses have begun to reopen and to rehire some laid-off workers.
The pace of job cuts has been declining over the past two months after the coronavirus had struck hard in March, forced widespread business closures and sent the economy into a deep recession. The dwindling pace of jobless claims suggests that the devastation in the job market may have bottomed out. Still, by historical standards the number of weekly applications remains high.
On Friday, the government is expected to report that the economy lost 8 million jobs in May, on top of 20 million lost in April. Unemployment could near 20%.
The job cuts reflect an economy that was seized by the worst downturn since the Great Depression. Most economists foresee unemployment remaining in double digits through the November elections and into 2021.
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