The U.S. government is set to report another shocking level of unemployment claims Thursday even after nearly 10 million people applied for benefits in the previous two weeks because of business shutdowns from the coronavirus.
The number will likely keep increasing, in part because many states are still clearing out backlogs of applications for unemployment aid. And with more companies running through their cash cushions as the virus-related shutdowns persist, they are resorting to layoffs to save money.
Up to 50 million jobs are vulnerable to coronavirus-related layoffs, economists say — about one-third of all the jobs in the United States. That figure is based on a calculation of positions that are deemed non-essential by state and federal governments and that cannot be done from home. It’s unlikely all those workers will be laid off or file a jobless claim. But it suggests the extraordinary magnitude of unemployment that could result from the pandemic.
"For Sale By Owner" and "Closed Due to Virus" signs are displayed in the window of Images On Mack in Grosse Pointe Woods, Mich., Thursday, April 2, 2020. The coronavirus outbreak has triggered a stunning collapse in the U.S. workforce with 10 million people losing their jobs in the past two weeks and economists warn unemployment could reach levels not seen since the Depression, as the economic damage from the crisis piles up around the world. (AP PhotoPaul Sancya)