Roughly 38.6 million people have now filed for jobless aid since the coronavirus forced millions of businesses to close their doors and shrink their workforces, the Labor Department said Thursday.
A recent survey done by Fishbowl, a employee social networking platform, found that the majority of its respondents said they were are working up to 10 more hours at home than they normally would if they were still working from their offices.
U.S. retail sales tumbled 16.4% from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened stores across the country and weighed down a sinking economy.
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Nearly 33.5 million Americans have lost their jobs and applied for unemployment benefits in the past 7 weeks — a stunning record high that reflects the near-complete shutdown of the U.S. economy.
The unemployment rate could reach 16% or more. Twenty-one million jobs may have been lost in April.
U.S. billionaire wealth collectively increased by $238 billion, a 10 percent gain, from March 18 to April 10 when more than 22 million Americans lost their jobs, according to a study by the Institute for Policy Studies, a progressive think-tank.
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.
Fewer than half of working-age Americans could earn a paycheck in May as the coronavirus pandemic triggers millions of job losses.
Smaller businesses that need coronavirus relief will get to move to the front of the line come Wednesday.
The U.S. economy shrank at a 4.8% annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record.
For Social Security, the projected 2035 date for exhausting the trust fund reserves means that it would be able to pay only 79% of benefits.
West Texas Intermediate crude oil futures for May delivery cratered by 305 percent to -$36.73 a barrel.
U.S. equity markets slid Monday as oil crashed below zero and headed toward its lowest close since recordkeeping began in March 1983.