Many more likely sought jobless aid as virus surges back
Published 12:41 pm Thursday, July 9, 2020
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By CHRISTOPHER RUGABER
AP Economics Writer
WASHINGTON (AP) — The U.S. government will provide its latest snapshot Thursday of the layoffs that have remained stuck at an elevated weekly pace above 1 million since the coronavirus erupted in March even as newly re-opened businesses have rehired some workers.
Though the weekly toll of job cuts has gradually dropped, the pace of improvement has essentially stalled as companies continue to shed workers. A resurgence of confirmed viral cases is threatening to derail what had looked like the start of an economic recovery.
In June, employers added a substantial 4.8 million jobs, and the unemployment rate fell from 13.3% to a still-high 11.1%. But the economy and the job market will likely struggle to sustain their gains amid the surge in reported infections, which threaten to trigger more shutdowns and layoffs. In recent days, Levi’s has announced 700 corporate job cuts, and United Airlines has warned of potentially thousands of layoffs this fall.
