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Nearly 39 million have lost jobs in US since virus took hold

Nearly 39 million have lost jobs in US since virus took hold

2 Oct 14:25 Key points summarised by AI
  • The U.S. has recorded nearly 39 million unemployment claims in two months, with 2.4 million filed last week, signaling an unprecedented and rapid collapse of the job market due to the coronavirus pandemic.
  • Despite states gradually reopening their economies, the labor market remains in severe distress, with employment failing to rebound and unemployment projected to peak at 20-25%, levels last seen during the Great Depression.
  • Ongoing business damage is evident as major employers continue layoffs even post-reopening, raising concerns that these recent job cuts may be more persistent than initial closures, indicating a prolonged economic struggle.
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