Unemployment Headed For 40-Year High—And Trump Reportedly Tells States Not To Release Data

Unemployment Headed For 40-Year High—And Trump Reportedly Tells States Not To Release Data

Topline: As layoffs driven by the coronavirus begin to ramp up in earnest, the U.S. is bracing for job losses of a magnitude unlike any seen in recent memory—a stark contrast from a job market that was operating at near-capacity just last month.

Weekly unemployment claims surged to 281,000 last week up from 211,000 the week before; that data does not yet reflect the full impact of layoffs caused by the coronavirus.
Goldman Sachs is predicting that number will surge to a record 2.25 million next week—more than eight times the number of claims last week; Bank of America is forecasting 3 million.

via Forbes Unemployment Headed For 40-Year High—And Trump Reportedly Tells States Not To Release Data