WASHINGTON (REUTERS) - Weak demand is forcing United States employers to lay off workers, keeping new applications for unemployment benefits extraordinarily high, even as businesses have reopened. This is buttressing views the labour market could take years to recover from the Covid-19 pandemic.. Read more at straitstimes.com.
WASHINGTON - Weak demand is forcing United States employers to lay off workers, keeping new applications for unemployment benefits extraordinarily high, even as businesses have reopened. This is buttressing views the labour market could take years to recover from the Covid-19 pandemic.
"There were some businesses that tried to maintain their workforce, waiting to see what would happen as businesses reopened," said Gus Faucher, chief economist at PNC Financial in Pittsburgh, Pennsylvania. Claims have dropped from a record 6.867 million in late March, but the pace of decline has slowed and they are double their peak during the 2007 to 2009 Great Recession.
State and local governments, whose budgets have been squeezed by the Covid-19 fight, are also cutting jobs.
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